AML
The battleground of money laundering is a dynamic field, full of quick changes and dramatic stakes. Unfortunately, the state of global banks often falls short, with numerous institutions, even in advanced economies such as the UK, receiving substantial penalties for AML (Anti-Money Laundering) failures. Even emerging challenger banks struggle with the complex task of risk assessment, often landing under the scrutiny of regulators.
Money laundering has evolved dramatically, with criminal professionals continuously innovating and adapting their methods. It is an unfortunate reality that money laundering now involves a vast array of actors, including states, politicians, businesses, criminals of all levels, charities, and even religious organizations.
Mayfair Compliance takes a stand in this challenging landscape as a beacon of expertise. We have made our mark in the industry through our prowess rather than marketing tactics, relying on the strength of our reputation to lead clients to us.
International money laundering is an escalating concern, with estimated volumes reaching trillions of dollars annually, constituting an estimated two to five per cent of global GDP. Criminals and terrorist networks have grown adept at funneling money through seemingly legitimate financial systems, continuously improving their techniques, and exploiting loopholes and lax regulations.
In this context, Mayfair Compliance stands ready to assist financial institutions to adapt to these evolving challenges and navigate the complex landscape of AML. We can step in to guide institutions in risk assessment, help develop resilient strategies, and establish a powerful defense against money laundering, potentially saving them from substantial fines.
The world of AML is complex, with varying regulations in different territories. Mayfair Compliance is here to help you understand and navigate these complexities. From ‘Know Your Customer’ (KYC) processes, Customer Due Diligence (CDD), to more granular requirements around Letters of Credit in Trade-Based Money Laundering (TBML), we offer comprehensive strategies that align with current AML requirements for your region.