Translating complex law into seamless compliance
Money laundering prevention is complex. Companies must pay fines of up to 5 million euros or 10% of annual turnover for violations. Money laundering prevention is not only a problem for large banks. Companies from many other industries are also subject to anti-money laundering laws. On our website, you will find everything you need to know.
Our solutionsWhat is AML-Compliance?
AML Compliance is not just a regulatory mandate but a safeguard for your business.
At Regpit, we offer a suite of tailored solutions to make compliance simpler for you. From KYC as a Service to specialized E-Learning, Whistleblowing System, and Risk Management, we make sure you're always on the right side of the law.
Avoid the Pitfalls of Non-Compliance
AML compliance might be intricate, but the risks of neglecting it are crystal clear: legal repercussions, reputational hazards, operational hiccups, and a decline in business opportunities—possibly compounded by severe financial losses. Our comprehensive solutions like KYC as-a-Service, Risk Management, and E-Learning safeguard your business's integrity, reputation, and future growth.
Hefty Fines
Section 56 outlines various breaches that could result in fines. While many infractions might set you back €100,000, graver offenses could cost up to €5 million or even 10% of last year's revenue.
Public Exposure
Irrefutable fine decisions aren't private; they're showcased on regulatory authorities' websites, inviting public scrutiny.
Personal Liabilities
Fines can extend to the management team if preventive measures are lacking or poorly monitored, making leaders personally accountable.
Legal Repercussions
Beyond fines, there's a real risk of criminal charges, from up to 5 years to 10 years in special cases.
Essentials to consider
Explore our articles and find out more about compliance obligations and how Regpit can help you manage them
What is money laundering?
Simply put, money laundering can be understood as the introduction of illegally obtained money into the legal financial and economic system.
Money laundering always requires a predicate offense, meaning a criminal act such as drug trafficking, kidnapping, extortion, tax evasion, or bribery. According to a recent legal reform, any criminal offense is now covered and can lead to money laundering.
What does Know-Your-Customer mean?
The natural enemy of money laundering is transparency, which is why it is important to know your customers. According to the Anti-Money Laundering Act, the central task is to identify and verify certain customer data. The more unusual the individual case, the more information must be collected about the customer.
What is risk management?
Risk management is divided into two areas. On the one hand, a risk analysis must be conducted, and on the other hand, internal security measures must be established.
When does a suspicious activity report have to be made?
If there are facts indicating money laundering or terrorist financing, this suspicion must be reported immediately. The threshold for a suspected case is quickly reached. It is sufficient if the customer relationship appears unusual or conspicuous compared to other transactions. You do not need to be certain that a crime or other criminal act has taken place.