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.
Ongoing monitoring is pivotal in maintaining industry standards. Often, industry bodies perform Sanction Screening only once, usually at the start of a membership or transaction, or sporadically due to the complexity of the process.
With ZenDetect, your Sanction Screening becomes an automated and continuous process. Activate it once, and we'll seamlessly perform Sanction List screening on all members and transactions. Ensure industry integrity with 100% AML compliance.