In addition to the professions and sectors already covered, there are certain business sectors that are considered to be more exposed to the risks of money laundering, tax evasion, and terrorist financing than others. These sectors include:
Professional Services: This includes lawyers, accountants, and other professionals who may provide services that can be used to facilitate money laundering or tax evasion.
Property and Real Estate: This includes property and real estate agents and firms acting as brokers for property transactions. Property investments are a main option for money laundering, tax evasion and sanctions avoidance.
Gaming: The gaming industry, including casinos and online gaming sites, is also considered to be high risk due to the potential for large cash transactions and the potential for anonymity. This can also include sports betting.
Cryptocurrencies, NFTs and other forms of Decentralised Finance: This sector is, but its nature, a main vector for money laundering, sanctions evasion and terrorist financing.
Precious Metals and Stones: Precious metals and stones, such as gold, diamonds, and other high-value items, are often used as a means of transferring and storing value and can be easily moved across borders.
Non-Profit Organizations: Non-profit organizations can be used to disguise the movement of illicit funds, especially if they operate in high-risk regions or if their sources of funding are not transparent.
It’s important to note that the risk of money laundering, tax evasion, and terrorist financing can exist in any business sector, and that risk levels can vary depending on a range of factors such as the size of the business, the nature of the products or services offered, the geographic locations in which the business operates, and the types of customers or clients that the business serves.
WorldAML supports companies as well as individual service providers of all types implement a start-of-the-art compliance system. This takes into account anti-money laundering (AML), tax evasion, know-your-customer (KYC), commercial due diligence (CDD), enhanced due diligence (EDD), Identity Verification, sanctions list compliance, Politically-Exposed Persons (PEP) registers, and more.
Our AML database integrates information from all major sources of information world-wide and provides a comprehensive assessment of risks of all forms. We currently hold information on over 250,000,000 individuals and 180,000,000 companies, and are scanning and profiling over 5,000,000 sources of media information daily for adverse media reporting and profiling.
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.