Anti-money laundering regulations are a set of guidelines, and directives that aim to prevent, detect, and punish the process of introducing money of illicit origin into a country’s financial and economic system to give it an appearance of legality. Although these regulations may vary according to each country, there are some international criteria or standards:
- Financial institutions must verify the identity of their customers and know the nature of their financial activities.
- Any transaction that they consider suspicious must be reported to financial authorities.
- Companies or institutions must have an anti-money laundering compliance program with internal policies, procedures, and controls.
- Internal and external audits should be performed to verify that systems and controls are working properly.
- Collaboration with international organizations and authorities from other countries to share information and coordinate efforts in the fight against money laundering.
To learn about the measures Pilsenga takes to fight against money laundering, you can visit the following link.