The fight against 'dirty money’ is ramping up worldwide. Regulators continue to broaden the range of industries covered and increase the investigative depth necessary to deliver a compliant KYC process.
Across Europe and the UK, the implementation of the fifth EU money laundering directive (5MLD) means that lawyers, auditors, notaries, real-estate agents and others must check the identity of their customers, ensure ongoing monitoring, verify beneficial ownership and identify politically exposed persons.