As per the regulations of global regulatory authorities. The companies around the world are required to perform in-depth identity verification on their customers to eliminate financial crime at an organizational and international level.
As per the global regimes on KYC and AML, the following are major businesses and industries that are liable for KYC and AML compliance.
Regulatory Authorities Around the Globe for KYC and AML
The major regulatory authorities that develop, recommend and implement KYC compliance regimes around the globe are as follows:
FATF (Financial Action Task Force) is a global authority that collects and analyzes money laundering and terrorist financing data from the globe and gives regulatory recommendations based on its findings. It has 190 member countries.
FinCEN (Financial Crimes Enforcement Network) is a bureau treasury department that collects the financial transactions data and uses it for financial crime mitigation and international level.
FINTRAC (Financial Transactions and Report Analysis Center) is a regulatory authority in Canada, that collects and analyzes the financial crime data and works on the thorough implementation of KYC and AML rules.
FINMA is a swiss financial regulatory authority that supervises banks, insurance companies, stock exchanges, etc. The authority is responsible for the thorough implementation of Swiss KYC and AML regulations in the institutions liable for regulatory compliance.
Global KYC and AML Regulations
The regulatory authorities around the globe are different in many countries, and there are some global watch dogs as well to bring the countries on one page for counter criminal activities. Most countries have their own regulatory authorities for designing and implementing KYC and AML regulations. But all the regulations have a few things in common, which are minimum requirements of KYC/AML compliance. Global and local businesses need to comply with those regulations at minimum to prevent non-compliance penalties.
Below are major KYC and AML regulations practiced in major states in the world like the other countries etc. These regulations are practiced in other states as well with some variations.