Practical AML Compliance Measures to Prevent Account Freezes and Operational Risks
In an environment of increasing demands from banks and regulatory authorities, we helped our client establish a practical AML system that was not merely a set of formal documents, but a practical tool for day-to-day business decision-making and risk management.
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The aim of the collaboration was to create a functional and practical compliance framework that would enable the client to safely assess business partners, identify high-risk transactions, and properly document each step for banks and any regulatory authorities.
The firm’s legal advice primarily included analyzing the client’s business model, establishing rules for KYC/KYB verification, identifying beneficial owners, assessing transaction risk, preparing internal documentation, and setting up regular control and reporting processes.
Thanks to the established system, the firm was able to reduce the client’s regulatory and operational risks and prevent a situation where bank accounts might be restricted or blocked due to insufficient AML documentation or unclear transaction origins.