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. The purpose of the establishment of FATF is to build an international standard for the prevention of money laundering. 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. It has the most robust KYC and AML regulations and is named as “Global leader in promoting corporate transparency” by FATF.
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.