Tougher requirements for companies to combat money laundering – so you can handle them

Charlie Taylor

Published: June 15, 2022, 3:31 p.m.After the scandals of recent years, especially among banks that have been in trouble, the EU, the UK and the US are now tightening the rules on money laundering. Something that places high demands on companies to keep track of their routines around Know Your Customer and Know Your Business. – It is important to have the right system in place, and to do it in a way that does not hinder business, says Andreas Westman, Business Development Manager at the RegTech company ZignSec.Read more about the stricter requirements for KYB and KYCIn recent years, a number of banks in particular have been involved in scandals involving money laundering and corruption. In response, the EU last summer launched the idea of ​​a new anti-money laundering authority, the EU Anti Money Laundering Authority, AMLA. The same kind of development is now also happening in the UK and the US, something that places great demands on companies. – The rules are introduced to make it more transparent, easier for authorities to carry out checks, and to reduce the opportunities to launder money, says Andreas Westman. One of the tools that will be used in this tightening of rules is Know Your Business, KYB, which is implemented through stricter requirements on Know Your Customer, KYC. – In order to ensure that companies can not be used to launder black money, the authorities make stricter demands that there should be stricter control over who owns the company, who is the real principal and more.

Strict requirements to keep track of who the customers are

This means that companies, especially those that operate in tightly regulated industries such as the financial market, will have strict requirements to keep track of who their customers actually are. – They must know who they are doing business with, and this applies to both companies they trade However, having this control can be easier said than done, especially if you want the control to run relatively smoothly and not be a big obstacle to start doing business with new customers. – It is many things that need to be gone through, for example, such a simple thing as identity verification can be very administratively cumbersome if you do not have the right tools in place. one realizes that companies that want to live up to the new rules have a lot of work to do. To make it easier for them, ZignSec launches an updated platform for Know Your Business in June. – Instead of the companies themselves having to create processes to, for example, ensure a real principal, all such tools, not only for Sweden but for globally, are already in place. in our portal. In addition, the process is completely automated. This means that almost all manual work connected to KYB disappears, while it is possible to add new countries and solutions as the business expands. – In our portal you only use what you need, but can add at once to more when you need it.Read more about the stricter requirements for KYB and KYCThe article is produced by Brand Studio in collaboration with ZignSec and not an article by Dagens industri

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