Anti-Money Laundering: Know Your Customer Quick Reference Guide

January 2014

Compliance with anti-money laundering, Know Your Customer (‘KYC’) and sanctions regulatory requirements dominated the financial services landscape in 2013. This looks set to continue in 2014. Regulators are still identifying failings in firms’ compliance with these requirements. In addition, firms will need to address the recently issued recommendations of the Basel Committee on Banking on how to manage the risks related to money laundering and the financing of terrorism. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight, and that Anti Money Laundering (‘AML’) regulatory requirements are being adhered to at both a local and global level.

Given these challenges, we have developed a KYC quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk. This guide has already been extensively viewed by our client base and continues to be of value to those seeking to understand AML requirements across the globe. This year's guide has been expanded and now includes 80 countries with new sections on AML audits and Data Privacy.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (‘PEPs’) and whether doing business with shell banks is prohibited can all be found in our guide.

The guide has updated information on the regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (‘FATF’) reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non-compliance.

From time to time, you may need expert advice from AML specialists. We’ve included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.