Anti-money laundering (AML) regulations and compliance are critical in the accounting and fiduciary sector to prevent the misuse of financial systems for illicit activities such as money laundering and terrorist financing. In many countries, accountants and fiduciaries are considered “obliged entities” under AML regulations, which means they are required to implement AML policies and procedures to detect, prevent, and report suspicious transactions, individuals or entities.
One of the key requirements under AML regulations is for accountants and fiduciaries to conduct customer due diligence (CDD) measures, which involves identifying and verifying the identity of their clients and assessing the risks associated with their business relationships. This is important because it helps to ensure that the accountant or fiduciary is not unwittingly assisting a client in money laundering or terrorist financing activities.
Accountants and fiduciaries are also required to implement internal controls and procedures to identify and report suspicious transactions, as well as to provide regular training to their employees on AML policies and procedures. Failure to comply with AML regulations can result in significant fines, reputational damage, and even criminal prosecution.
In addition to legal requirements, there are also ethical considerations for accountants and fiduciaries to consider. As professionals who are entrusted with sensitive financial information, they have a duty to act with integrity and to prevent their services from being used for illicit purposes.
Overall, AML regulations and compliance are critical in the accounting and fiduciary sector to protect the integrity of financial systems and prevent the misuse of financial services for criminal activities.
WorldAML supports accounting firms, fiduciaries and other professional services providers in complying with AML requirements with a comprehensive and powerful solution. Use of the WorldAML service or API enables real-time monitoring and reporting on AML, KYC, CDD, PEP, customer profiling and identity verification of potential and actual clients or associated entities, as well as suspicious transaction monitoring.
The WorldAML API provides a robust and customisable AML screening solution for accountants, auditors, and fiduciary providers world-wide. This enables automated Know-Your-Customer (KYC) and Customer Due Diligence (CDD) solutions at scale.
The WorldAML API provides a robust and customisable AML screening solution for banks and deposit-taking institutions world-wide. Ensure compliance with US Federal Reserve, the European Central Bank (ECB), the European Banking Authority (EBA) and other global regulators.
The WorldAML API provides a robust and customisable AML screening solution for financial companies, ranging from online payment firms and EMI, fintechs, forex trading firms, online stock brokers and other. Ensure compliance with SEC, ESMA and other global regulators.
The WorldAML API provides a robust and customisable AML screening solution for lawyers and legal firms world-wide. Ensure compliance with Know-Your Customer, Anti Money Laundering, Sanctions List and other regulatory requirements world-wide.
The WorldAML API provides a robust and customisable AML screening solution for online gaming companies, property and real estate and other sectors. Ensure compliance with Know-Your Customer, Anti Money Laundering, Sanctions List and other regulatory requirements world-wide.
The WorldAML API has been designed for compliance with major regulatory institutions including the US Treasury, Federal Reserve, Securities and Exchange Commission, OECD Financial Action Task Force (FATF), European Commission, European Central Bank, UK FCA and others.
