Regulatory Compliance for Start-Ups: AML and KYC

Photo by Christopher Bill on Unsplash
  1. Ensure that all staff are aware of and understand AML requirements and offences. This can be achieved by educating your staff about the various risks associated with money laundering. Ensure that staff are aware of and comply with compliance obligations relevant to their roles and responsibilities.
  2. Stay up to date with changes and the latest developments in AML regulations. This will help ensure you stay abreast of potential changes you need to make due to regulatory updates. Check out the FCA’s money laundering regulation publications and gov.uk to stay up to date on this subject.
  3. Enforce robust and accurate policies, controls and procedures that are followed effectively and consistently.
  4. Assess AML compliance performance by establishing and monitoring a set of measurable targets to ensure effective compliance and performance. For example, maintain a record of AML checks and concerns.
  5. Carry out timely and periodic due diligence on customers and the necessary KYC checks.
Photo by Chronis Yan on Unsplash
  • name
  • photograph on an official document which confirms identity
  • residential address and date of birth

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We provide free legal advice and resources to tech start-ups & entrepreneurs in the UK, at Queen Mary University of London. @qLegal_ on Twitter and Instagram!

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qLegal — Law clinic for entrepreneurs

qLegal — Law clinic for entrepreneurs

We provide free legal advice and resources to tech start-ups & entrepreneurs in the UK, at Queen Mary University of London. @qLegal_ on Twitter and Instagram!

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