Anti-Money Laundering: Know Your Customer Quick Reference Guide and Global AML Resource Map

Understanding global KYC differences

January 2015

Regulatory Environment

Regulatory pressures concerning Anti-Money Laundering (‘AML’) continued to rise during last year and this looks set to continue throughout 2015. Increased pressure surrounding compliance with AML, Know Your Customer (‘KYC’) and sanctions requirements is a key focus for management and firms need to ensure they are following appropriate compliance procedures to meet the increasing regulatory demands. Firms operating on a global basis also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that AML regulatory requirements are being adhered to at both a local and global level.

Given these challenges, we have developed a Quick Reference Guide which provides easy access to global AML and KYC information which can 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 globally. This year's Guide has been expanded to include 86 countries, with Chile, Kuwait, Mauritius, Nigeria, Saudi Arabia and the West Bank and Gaza as new additions for 2015. We are keen to continue expanding our reach, so please let us know if your country is not currently part of our Guide and you would like to be included next year.

Content of the Guide

As well as details around KYC requirements, 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 contains updated information on 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. In addition, there are 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, as well as questions on AML audits and Data Privacy. Our Guide also provides an insight into the relevant AML regulations affecting each country and includes links where relevant detailing further information.

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.

Global AML Resource Map

This year we have also developed a Global AML Resource Map, indicating the number of Partners, Subject Matter Experts (‘SMEs’) and other AML specialist staff working within each territory. All of the countries included in the Quick Reference Guide can be found on our map, which can be used as a reference to see how many AML practitioners are based in each country.