What is AML
AML Compliance is not just a regulatory mandate but a safeguard for your business. It’s the law that requires institutions to vet their clients and monitor transactions to prevent money laundering.
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 non-compliance risks and consequences.
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.
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.
Irrefutable fine decisions aren’t private; they’re showcased on regulatory authorities’ websites, inviting public scrutiny.
Fines can extend to the management team if preventive measures are lacking or poorly monitored, making leaders personally accountable.
Beyond fines, there’s a real risk of criminal charges, ranging from up to 2 years for negligent money laundering to as high as 5 years if concrete evidence exists.