What is AML for Brokers?
For brokers, Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) compliance are vital for maintaining the integrity of financial services. These regulations are designed to prevent the misuse of financial systems, including transactions, for concealing illegally obtained funds or financing illicit activities.
Brokers must perform specific checks on clients and transactions to establish relationships and continuously monitor these interactions. This safeguards your financial operations from being exploited by individuals involved in financial crime.
Ensuring Broker Compliance with AML & CTF
While specific AML regulations may vary depending on your jurisdiction, the core principles generally require brokers to thoroughly verify the identities of clients and transactions. This typically involves the customary Know Your Customer (KYC) and Due Diligence procedures.
Furthermore, brokers are mandated to screen all clients and transactions against international Sanctions Lists. These lists encompass individuals, organizations, and entities linked to illegal activities such as money laundering, terrorism, and other financial crimes.
This process, known as Sanction Screening, is a critical aspect of ensuring AML compliance for brokers. At ZenDetect, we specialize in automating your Sanction List screening, allowing you to focus on providing reliable financial services while we handle your AML compliance needs
Ongoing monitoring is pivotal in the financial industry. Often, brokers perform Sanction Screening only once, usually at the start of a client relationship or transaction, or sporadically due to the complexity of the process.
With ZenDetect, your Sanction Screening becomes an automated and continuous process. Activate it once, and we'll seamlessly perform Sanction List screening on all clients and transactions. Ensure reliable financial services with 100% AML compliance.