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

January 2016

As predicted, 2015 saw a continued rise in regulatory pressures concerning Anti-Money Laundering (“AML”), with a number of high profile fines and investigations. Compliance with AML, Know Your Customer (“KYC”) and sanctions requirements continues to be a key focus area for management, and firms must ensure they are following appropriate compliance procedures to meet the increasing regulatory demands. Firms operating on a global scale must also demonstrate a robust compliance framework, ensuring that each territory has sufficient management oversight and that AML requirements are being adhered to at both a local and global level.

Given these challenges, we have further developed our KYC Quick Reference Guide, an easy access tool providing the key information firms need to understand and mitigate their AML risks. Since its launch seven years ago, the Guide has remained a popular resource and continues to be of value to those seeking to understand AML requirements globally. This year, we have continued to increase the level of global coverage, with information on Bangladesh, the Dominican Republic, Ecuador, Ethiopia, Honduras and Latvia as new additions to the 2016 Guide, taking the total countries covered to 92.

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

Fundamental KYC requirements, regulators’ views on the use of the risk based approach, dealing with Politically Exposed Persons (“PEPs”) and guidance on prohibitions relating to shell banks are all subjects covered within the Guide.

The Guide also contains up to date information on regulatory and other cultural issues which need to be addressed when conducting business across multiple jurisdictions. Useful links to Financial Action Task Force (“FATF”) reports and country evaluations are also included, in addition to questions on suspicious activity reporting obligations, penalties for non-compliance, 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 Financial Crime professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Global AML Resource Map

We have updated our Global AML Resource Map for 2016, indicating the number of Partners, Subject Matter Experts (“SMEs”) and other AML specialist staff working within each territory.  Our global network of AML practitioners now exceeds 2,000 across the 92 countries included in the Quick Reference Guide and our map can be used as a reference tool to highlight the number of specialists based in each country.