The short answer is “Yes”.

Technically speaking, AML regulations anyone and everyone. From salaried individuals, to retail and wholesale entities, SMEs, MNCs and any firm that ‘exists’.

The way AML regulations are applied to different companies is of course different. Certain companies fall under the ‘non-regulated’ label. This includes non-financial companies, such as consultancies, proprietary businesses, service providers, and more.

Regulated companies are those dealing in financial transactions, such as banks, brokers, funds, asset management firms, and more. Then there are firms that conduct financial transactions in exchange for services or products. These firms are referred to as Designated Non Financial Businesses and Professions. These include gold and bullion dealers, audit firms, lawyers, real estate agents, accountants, and other professionals who provide services as businesses, not employees.

All of the above are scrutinized by regulating and monitoring authorities to ensure adherence to local and international laws. FATF is a very far reaching body, and has a lot of clout in terms of defining the method in which firms engage in business across the world.

Does your firm fall under the above categories?
Are you unsure of whether you are subject to AML laws?

Contact us for a free consultation and guidance.