Industry Bodies

Industry Body AML & CTF Compliance for Strengthened Governance in Southern Africa

What is AML for industry bodies, how to comply, and ensure ongoing monitoring, plus: your AML checklist – this is how to ensure industry body AML compliance

What is AML for Industry Bodies?

For industry bodies, Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) compliance are essential for maintaining the integrity of the industry. These regulations are designed to prevent the misuse of financial systems, including transactions, for concealing illegally obtained funds or financing illicit activities.

Industry bodies must perform specific checks on both members and transactions to establish relationships and continuously monitor these interactions. This safeguards your industry's operations from being exploited by individuals involved in financial crime.

Ensuring Industry Body Compliance with AML & CTF

While specific AML regulations may vary depending on your jurisdiction, the core principles generally require industry bodies to thoroughly verify the identities of members and transactions. This typically involves the customary Know Your Customer (KYC) and Due Diligence procedures.

Furthermore, industry bodies are mandated to screen all members and transactions against international Sanctions Lists. These lists encompass individuals, organizations, and entities linked to illegal activities such as money laundering, terrorism, and other financial crimes.

This process, known as Sanction Screening, is a critical aspect of ensuring AML compliance for industry bodies. At ZenDetect, we specialize in automating your Sanction List screening, allowing you to focus on maintaining industry standards while we handle your AML compliance needs.

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