Compliance in an organization refers to specific set of rules and regulations that must be followed. These regulations are designed to protect investors, maintain the integrity of financial markets, and prevent financial crimes such as money laundering, terrorism, fraud, and corruption.

In the financial sector, compliance and AML are essential due to the large transactions occurring on a daily basis. The entire financial spectrum such as banking, Money Services Businesses (MSBs), insurance companies and securities Broker-Dealers must comply with strict regulations.

Similarly, nonfinancial sectors must prioritize compliance and AML.

Due to the strict governmental AML obligations on the financial sector, an increase in money laundering activities within the nonfinancial businesses and professions has been noticed. Businesses such as travel agencies, real estate, dealers in high value items, and hashtag#gatekeepers such as accountants, auditors, and lawyers are being utilized as alternative means to launder money.

Overall employees in both financial and nonfinancial sector should be aware of compliance and hashtag#moneylaundering risks and obligations to effectively safeguard their organizations against financial crime and regulatory penalties.

At Rasma Legal, we can assist you in identifying your compliance obligations and ensure they are met in a timely manner.