Overview

Investment managers have to keep up with the constantly evolving nature of money laundering tactics and increasing sophistication of money launderers across global jurisdictions.  New policies are continually being put in place to ensure that money launderers face a hostile environment.  This is only set to continue as updates on AML evolve to keep up with the changing nature of financial fraud.

The European Union has increased its focus on AML in recent years, evidenced by the adoption of several AML Directives which have established a harmonised set of framework and set of rules. Recently, the EU has also adopted an AML Action Plan, outlining its intentions to further streamline AML harmonisation across the EU.

The complex global compliance landscape is further compounded by varying interpretations of rules and standards at an institutional level and differing approaches in designing and executing CDD programmes to fulfil regulatory expectations.

In order to get involved with AIMA work in this space, or to become a member of our dedicated AML Working Group, please contact Remmert Keijzer.

 


AIMA White Paper

AIMA has published a White Paper on Improving AML/KYC/CTF Due Diligence Processes: Centralisation and the Benefits of a Digital Solution. In the White Paper, we are offering a range of targeted options that could be implemented that would improve the customer due diligence process and would create scenarios in which compliance with AML, CTF and KYC requirements are safeguarded, while strengthening the role of regulators as standard setters.

Key messages:

  • Inefficiencies around CDD are placing a significant cost and administrative burden on financial services firms and investors
     
  • The challenges faced by all parties involved in the CDD chain complicate global harmonisation efforts
     
  • Regulated entities should be able to perform CDD for others on a reliance basis for multiple jurisdictions which would streamline CDD practices while safeguarding international standards

 


AIMA Podcasts

AIMA responses & other documents