AML and Sanctions regulations aim to prevent the use of illicitly obtained funds and assets for criminal activities. Designated businesses and professionals (DBPs), such as real estate agents, arts and antiquities dealers, and lawyers, have a legal obligation to comply with AML regulations to prevent money laundering and terrorist financing. However, several challenges impede DBP’s ability to fulfill their AML and Sanctions obligations, such as compliance with regulatory changes, identifying high-risk clients, resource constraints, data quality and management, suspicious activity reporting, and training and awareness.

We work with DBPs on compliance reviews to determine any gaps and help remediate them. Be sure to schedule regular program updates to ensure your compliance program is current and comprehensive, and remember annual staff training, which is an AML and Sanctions requirement. Click here to link to one of our AML advisors or email contactus@compliancecore.com to discuss your specific needs.