Anti-Money Laundering

Anti-Money Laundering (AML) refers to a set of internationally recognized rules (for the European Union, the relevant legal basis is “Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC”, or, for short: AML IV). It is these international rules that require various comanies dealing with accepting or dealing with money to also have a KYC-procedure when on-boarding new customers or clients.