08 Anti-Money Laundering and Countering Terrorist Financing (AML and CFT)

A brief overview of legislation from Real Law 

Who is this overview for

This brief overview will be useful to:

• financial institutions, including banks and insurance companies;

• free economic zone companies;

• law and accounting firms;

• corporate service providers;

• consulting companies;

• real estate agencies, brokers and companies;

• dealers in precious metals and stones;

• non-profit organizations: foundations and charities;

• Virtual Asset Service Providers (VASPs).

Key regulation areas

The system of Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) is a system of measures and procedures that are designed to prevent the use of financial systems and legal loopholes for illegal purposes: avoiding determination of the source of origin of funds, money laundering, financing of terrorism and terrorist organizations.

AML measures include:

Customer identification (KYC): Obligation of organizations to identify their customers to avoid servicing anonymous or suspicious individuals.

Сlarified minimum thresholds:

- for occ...