Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance involves implementing robust measures required by law to stop criminals and terrorists from exploiting your businesses to launder illicit funds or finance organised crime. Money laundering involves disguising illegally obtained money appear legitimate, while terrorist financing funnels funds to extremist activities.
Why It Matters
Money laundering and terrorist financing are global threats, with $800 billion to $2 trillion laundered annually—up to 5% of the world’s GDP. The EU leads the fight with strict AML regulations, requiring businesses to monitor, report, and prevent suspicious financial activities.
Compliance isn’t just about following rules or ticking the box—it’s about building a fence that can't be trespassed
GP ALora
Who Needs to Comply?
Any EU businesses handling financial transactions or high-value assets. Examples include:
- Credit/ Financial institutions (e.g. banks, insurance companies, investment firms, fund managers)
- Real estate businesses (e.g. property developers, agents and brokers)
- Luxury Goods and High-Value Retail (e.g. dealers in art, jewellery, luxury cars)
- Professional services (e.g. Law firms, accountants, ASPs, trust companies)
- Fintech and cryptocurrency firms (e.g. digital payment platforms, crypto exchangers, wallet providers)
- Casinos and Gabling businesses
- Non-profits & Charities
- Other High-Risk sectors (e.g. businesses in trade, import/export, cash-intensive industries)
