A comprehensive guide to KYC and AML compliance in the UK
Product Guide

Stringent KYC and AML Compliance from the FATF for the Insurance Sector

KYC and AML requirements are becoming more stringent and these laws are the primary focus of all the orgainsations. The insurance sector is facing challenegs, but robust verification can help.

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What’s inside this whitepaper?

  • What is Know Your Customer?
  • What is Anti-Money Laundering?
  • KYC and AML Regulations in the UK
  • Industries that Must Comply with the Regulations
  • How to Perform KYC/AML Checks?
  • How can Shufti Pro KYC Help?

Among all the states, the United Kingdom has the most robust KYC and AML regulations. For the same reason, it is also known as the Global Leader in promoting corporate transparency by the Financial Actions Task Force (FATF). 58 AML fines were issued worldwide that accounted for $8.14 billion in 2019.

The FATF is responsible to provide a comprehensive global framework for anti-money laundering regulations and policy recommendations. There are 37 member jurisdictions in the FATF and two regional organisations that represent major financial centers worldwide. The United Kingdom is a step ahead in complying with the KYC and AML regulations among other FATF members.

This guide covers all the essentials of KYC and AML screening recommended by the FATF and the steps taken by the regulatory authorities of the UK to comply with the laws. Moreover, the guide will also inform you about the industries that need KYC/AML checks and challenges for the sectors.

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