Know Your Customer: Quick Reference Guide
pwc.co.uk
Anti-Money Laundering Understanding global KYC differences January 2013
Launch
Know Your Customer: Quick Reference Guide
Anti-Money Laundering
Know Your Customer: Quick Reference Guide
Understanding global KYC differences
Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.
In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.
This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.
The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.
Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.
From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.
Please rollover map to select your region then click to select country of choice
Anti-Money Laundering
Know Your Customer: Quick Reference Guide
Understanding global KYC differences
Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.
In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.
This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.
The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.
Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.
From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.
Click to return to main map
Europe
Austria
GermanFyinland
Belgium
GibraltaFrrance
BCozesnchiaR&epHuebrlziecgovina Greece Germany
CDyepnrmuasrk
GuernseGyibraltar
CFiznelcahndRepublic
HungarGyreece
DFreannmceark
IrelandGuernsey
Isle oHf Munagnary Italy Ireland JerseIysle of Man LuxemItabloyurg NetheJerlrasnedys NorwLauyxembourg
PolanNd etherlands PortuNgaolrway RomaPnoialand RussiaPortugal SpainRomania SwedeRnussia
SwitzSelrolvaankdia TurkeSypain UK Sweden
Switzerland Turkey UK
Anti-Money Laundering
Know Your Customer: Quick Reference Guide
Understanding global KYC differences
Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.
In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.
This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.
The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.
Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.
From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.
Americas
Argentina Bolivia
Brazil Canada
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Cayman Islands Colombia
Jamaica Mexico
Paraguay Peru
Uruguay USA
Anti-Money Laundering
Know Your Customer: Quick Reference Guide
Understanding global KYC differences
Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.
In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.
This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.
The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.
Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.
From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.
Africa
Angola Cameroon
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C?te d'lvoire (Ivory Coast) Egypt
Gabon Ghana
Kenya South Africa
Zambia
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