The impact of money laundering on customer due diligence
13 Jan 2017

The Panama Papers scandal of 2016 led to the leaked individuals’ names and associations being scrutinized by governments in the UK, Germany, France, Italy, Spain and Australia among others, which is unsurprising given that the financial services industry is in the midst of preparing for new stricter regulation to commence.

The Common Reporting Standards regulation, The Fourth Money Laundering Directive, the Foreign Account Tax Compliance Act and Financial Action Task Force recommendations on money laundering that have been proposed and enacted in Europe and the US are intended to strengthen the anti-money laundering (AML) regulatory environment and increase pressure on institutions to comply.

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