FAQ

Anti-money laundering (AML) regulation is a set of regulatory requirements adopted by national and international authorities to prevent any acts of money laundering (and terrorist financing).


The definitions of AML and KYC in most cases are interchangeable. However, the set of AML rules includes Know Your Customer (KYC) requirements, together with Transaction Screening and Monitoring (KYT), suspicious activity reporting, etc.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

AML Policies and Procedures are a set of rules that financial institutions and AML-compliant companies (banks, payment providers, gambling, trading and crypto companies, etc) are required to adopt internally and ensure compliance to prevent any acts of money laundering.


Senior management is responsible to create and adhere to a set of AML policies and procedures that are relevant to the local regulations and business model of their company.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Adverse media or negative news is any sort of negative data found over a wide range of information sources such as media like paper sources, TV news, websites, and unstructured sources such as social media and forums. Automation of adverse media screening helps to reduce employee workload and enhance ongoing compliance performance.


Adverse media checks can reveal acts of money laundering, fraud, crimes, tax evasion, etc. Adverse media information is a crucial source of data for proper risk assessment and reaching a reliable risk score.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

AML Compliance Officer is a senior officer of the financial institution appointed by the management board and responsible for AML Policies and Procedures implementation at an institutional level. The functions of the AML Compliance Officer normally include:

• Development, implementation, and constant maintenance of the inherent risk assessment, AML Policies and Procedures.
  
  
• Ensuring that the company is compliant with the company's AML Policies and Procedures as well as the relevant AML regulations.
  
  
• Gathering, retaining and protecting AML-related data, and reporting suspicious activities and transactions to the relevant FIU.
  
  
• Arranging and implementing external inspections and audits and implementing their recommendations.
  
  
• Regularly reporting to the management board on AML-related matters.
  
  
• Preparing and conducting regular training for management and employees.

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix taking into account Adverse Media Scoring, draft AML Policies and Procedures, and tuning KYC, Adverse Media screening and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The role of the EU Anti-Money Laundering Directives has been important in developing national AML regulations in the EU member states. Once a European Directive has been approved national governments are required to implement it into local AML legislation as a separate law.

• 4th Anti-Money Laundering Directive
  
  
• 5th Anti-Money Laundering Directive
  
  

Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The European Union's Fifth Anti-Money Laundering Directive entered into force on 9 July 2018 and was implemented by most of the member states by 20 January 2020. AMLD5 was enacted to enlarge the scope of application of the AML regulation in the EU to the crypto companies and mitigate the risks posed by the virtual currency companies to the European financial system.


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The European Union's Sixth Anti-Money Laundering Directive comes into effect on 3 December 2020 and must be implemented by 3 June 2021. AMLD6 aims to expand the scope of existing legislation, clarifying regulations, and toughening criminal penalties for money laundering and terrorist financing crimes.


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Anti-money laundering (AML) regulation is a set of regulatory requirements adopted by national and international authorities to prevent any acts of money laundering (and terrorist financing).


The definitions of AML and KYC in most cases are interchangeable. However, the set of AML rules includes Know Your Customer (KYC) requirements, together with Transaction Screening and Monitoring (KYT), suspicious activity reporting, etc.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

AML Policies and Procedures are a set of rules that financial institutions and AML-compliant companies (banks, payment providers, gambling, trading and crypto companies, etc) are required to adopt internally and ensure compliance to prevent any acts of money laundering.


Senior management is responsible to create and adhere to a set of AML policies and procedures that are relevant to the local regulations and business model of their company.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Adverse media or negative news is any sort of negative data found over a wide range of information sources such as media like paper sources, TV news, websites, and unstructured sources such as social media and forums. Automation of adverse media screening helps to reduce employee workload and enhance ongoing compliance performance.


Adverse media checks can reveal acts of money laundering, fraud, crimes, tax evasion, etc. Adverse media information is a crucial source of data for proper risk assessment and reaching a reliable risk score.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC, screening and transactions monitoring tools, assist with preparing and conducting AML training for your personnel. Should you need our assistance or require more information please contact us at info@zrtolerance.com

AML Compliance Officer is a senior officer of the financial institution appointed by the management board and responsible for AML Policies and Procedures implementation at an institutional level. The functions of the AML Compliance Officer normally include:

• Development, implementation, and constant maintenance of the inherent risk assessment, AML Policies and Procedures.
  
  
• Ensuring that the company is compliant with the company's AML Policies and Procedures as well as the relevant AML regulations.
  
  
• Gathering, retaining and protecting AML-related data, and reporting suspicious activities and transactions to the relevant FIU.
  
  
• Arranging and implementing external inspections and audits and implementing their recommendations.
  
  
• Regularly reporting to the management board on AML-related matters.
  
  
• Preparing and conducting regular training for management and employees.

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix taking into account Adverse Media Scoring, draft AML Policies and Procedures, and tuning KYC, Adverse Media screening and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The role of the EU Anti-Money Laundering Directives has been important in developing national AML regulations in the EU member states. Once a European Directive has been approved national governments are required to implement it into local AML legislation as a separate law.

• 4th Anti-Money Laundering Directive
  
  
• 5th Anti-Money Laundering Directive
  
  

Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The European Union's Fifth Anti-Money Laundering Directive entered into force on 9 July 2018 and was implemented by most of the member states by 20 January 2020. AMLD5 was enacted to enlarge the scope of application of the AML regulation in the EU to the crypto companies and mitigate the risks posed by the virtual currency companies to the European financial system.


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The European Union's Sixth Anti-Money Laundering Directive comes into effect on 3 December 2020 and must be implemented by 3 June 2021. AMLD6 aims to expand the scope of existing legislation, clarifying regulations, and toughening criminal penalties for money laundering and terrorist financing crimes.


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

In the case of companies, a beneficial owner is a natural person who ultimately owns or controls a legal person through direct or indirect ownership of a sufficient percentage (usually 20-25% depending on the country) of the shares or voting rights or ownership interest in that person, including through bearer shareholdings, or through control via other means.


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures with the relevant regulations and implementing KYC, transaction screening and monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The California Consumer Privacy Act (CCPA) was signed into law on June 28, 2018, and came into legal effect on January 1, 2020. The CCPA applies to every company, irrespective of jurisdiction, that:

• does business in the state of California or with the Californian residents;
  
  
• generates over $25 million per year;
  
  
• buys, receives, or sells the personal information of 50,000 or more California residents, households, or devices; or derives 50% or more of their annual revenue from selling California residents' personal information.
  
  

The companies violating the CCPA rules will face fines of up to $7,500 per breach.


Find more information about the California Consumer Privacy Act here:
https://zrtolerance.com/tpost/ki86701cii-californi...


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures and Data Protection Policies in compliance with the California Consumer Privacy Act and GDPR requirements. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Customer Due Diligence is a KYC (Know Your Customer) process of conducting background checks on your potential clients to verify their identities and assess the risk they pose for the company, before entering into business relations.


Here at ZeroTolerance, we can assist you with drafting Policies and Procedures, implementing and tuning KYC customer onboarding, watchlist screening and transaction monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The Common Reporting Standard (CRS) requires all financial institutions to conduct due diligence of their customers (typically persons which are tax residents in CRS participating countries) and regularly report to the relevant tax authorities on their clients and their account information.


Here at ZeroTolerance, we can assist you with due diligence and reporting under FATCA and CRS requirements as well as implementing the relevant tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Enhanced Due Diligence is a KYC (Know Your Customer) process of a greater level of scrutiny of potential business relations by requesting additional information required to mitigate the risk associated with the client (extra questions, verification of identity, source of income, source of funds and wealth) and getting approval from the senior management.


Here at ZeroTolerance, we can assist you with conducting EDD of your potential and current clients, analyzing the supporting documents, drafting Policies and Procedures, EDD Controls, implement and tune KYC, watchlist screening and transaction monitoring software. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The Foreign Account Tax Compliance Act (FATCA) requires that Non-US financial institutions report on the assets (with an aggregate value of more than $50,000) held by their US account holders to IRS directly or indirectly via local tax authorities relevant to the financial institution


Here at ZeroTolerance, we can assist you with due diligence and reporting under FATCA and CRS requirements as well as implementing the relevant tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

FATF is the most important and influential of the international bodies whose purpose is to establish international standards and develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.


The objectives of FATF are to set global standards and promote effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.


A full copy of the updated FATF Recommendations along with the FATF virtual currency-related documents can be found below.

• The FATF Recommendations
  
  
• Guidance for a Risk-Based Approach to Virtual Currencies
  
  
• Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
  
  
• Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing
  
  
• 12 Month Review of Revised FATF Standards - Virtual Assets and VASPs
  
  

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to FATF requirements and your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

In September 2020, ICIJ journalists revealed a number of leaked documents from the United States Treasury's Financial Crimes Enforcement Network (FinCEN), comprising over 2000 suspicious activity reports submitted to FinCEN by a large number of financial institutions between 1999 and 2017.


You can find more information here:


Here at Zero Tolerance, we can assist you with drafting Policies and Procedures, implementing and tuning KYC customer onboarding, watchlist screening and transaction monitoring tools to mitigate the risks covered by the FinCEN Files typologies. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The General Data Protection Regulation (GDPR) is designed to protect the data privacy of EU citizens. Every company, irrespective of jurisdiction, that processes the data of EU citizens, must comply with GDPR rules. The fines for non-compliance could be up to €20 million.


Under GDPR EU citizens have the right to have their data erased, however, under AML regulations the financial institutions are required to store the relevant personal data for five years. In such a case, AML rules prevail.


You can find more information here:
https://zrtolerance.com/tpost/c75u5g6rg0-how-does-...


Here at ZeroTolerance, we can assist you with adopting your AML Program, Policies and Procedures, and Data Protection Policies in compliance with GDPR and CCPA requirements. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Sophisticated investors and multiple similar definitions as accredited, professional, expert, etc.that are set out in the legislation of different countries refer to a high-net-worth individual with relevant knowledge, investment skills, special power, authority, or recognized standards.


By the Securities and Exchange Commission (SEC) definition, an accredited investor is a person or a business that is allowed to purchase and deal with securities without the need to register with SEC.


Sophisticated investors are subject to Enhanced Due Diligence measures (required to submit documented proof of their investment history and proof of funds supported by the bank statements, tax returns, etc) due to the high-risk status of transactions.


Here at ZeroTolerance, we can assist you with conducting EDD of sophisticated / qualified / accredited investors, analyzing the supporting documents, drafting Policies and Procedures, EDD Controls, implement and tune KYC, watchlist screening and transaction monitoring software. Should you need our assistance or require more information please contact us at info@zrtolerance.com

KYC or know your customer is a primary AML requirement to verify the identity of potential clients before entering business relations and on the regular basis to eliminate risks of money laundering, bribery, corruption, and other forms of financial crimes.


Today financial companies are using specialized KYC tools to completely automate the process of customer identifications and verification of their status according to a large number of databases and watchlists increasing productivity, customer satisfaction, and reducing human errors.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix with relevant scoring and rating and related to your specific business model, draft AML Policies and Procedures, and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The financial entities must assess the risks of money laundering related to the customer, the service or product to be provided before entering into business relations. KYC risk scoring is a calculation of the risk rating of a particular customer. Depending on the result of risk scoring, there are 3 standard types of risk rating, with appropriate CDD requirements:

• Low-risk rating - simplified or standard due diligence.
  
  
• Medium-risk rating - standard of enhanced due diligence, where necessary.
  
  
• High-risk rating - enhanced due diligence.
  
  

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix with relevant scoring and rating and related to your specific business model, draft AML Policies and Procedures, and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Anti-money laundering policies and procedures should prescribe the rules for acquiring a better knowledge and understanding of the employees, their background for the purpose of detecting conflicts of interests, money laundering, past criminal record and suspicious activity during operations.

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix with relevant scoring and rating and related to your specific business model, draft AML Policies and Procedures, and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Criminal activity is usually undertaken to generate revenue or provide a benefit to those undertaking the activity. Significant criminal activity is undertaken by organized groups and laundering is the process of disguising the illegal origins and ownership of the criminal property to enable the criminals to use and enjoy it without jeopardizing.


The adverse consequences of money laundering are the following: loss of profitability, termination of correspondent relations, investigation costs, asset arrests, blocking of accounts, other reputational, operational, and legal risks.


Here at ZeroTolerance, we can assist you with drafting Policies and Procedures, implementing and tuning KYC customer onboarding, watchlist screening and transaction monitoring tools to mitigate the risks covered by Money Laundering and Terrorist Financing typologies. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Financial institutions and businesses in the US and other countries must recognize the extraterritorial reach of regulations enforced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC).


OFAC sanction programs prohibit doing business, transacting with and require blocking of assets of persons and companies in OFAC sanction list of 'Specially Designated Nationals', known as the SDN List. OFAC has the power to impose significant penalties on those who are found to be in violation of the blocking orders within each of the sanction programs.


Firms that deal with the US dollar or that trade or have operations in the US must have in place policies globally, incorporating the requirements of OFAC's sanctions regime. Any failure by firms to comply with these requirements is likely to lead to strict enforcement action by the US authorities and significant financial penalties.

• OFAC list of persons subject to sanctions
  
  
• Other OFAC Sanctions Lists
  
  

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, OFAC and other Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

A PEP is a politically exposed person, an individual who is or has been entrusted with a prominent public function by a local, regional, national or international governmental body.


Because of the risks associated with PEPs, the FATF Recommendations and AMLD require the application of additional Enhanced Due Diligence measures and ensure obtaining of the management approval before entering into business relations.


These requirements are preventive in nature, and should not be interpreted as meaning that all PEPs are involved in criminal activity, or even necessarily pose a high risk of money laundering. There are 4 risk levels of PEPs established by FATF. You can find more information here:


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, OFAC and other Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

In addition, family members and close associates of PEPs are considered PEPs.


Family members include:

• A spouse; a partner (including a person who is considered by his national law as equivalent to a spouse); children and their spouses or partners; and parents.
  
  
• Siblings, and in some jurisdictions grandparents, grandchildren, other blood relatives, and relatives by marriage, are ranked at one level down from the associated PEP.
  
  

Close business associates include:

• Any natural person who is known to have joint (or sole) ownership of legal entities or legal arrangements known to have been set up for the benefit of a person who is a PEP, or any other close business relations with a person who is a PEP.
  
  
• Close business colleagues and personal advisors/consultants to the politically exposed person, as well as persons who derive clear, significant benefits from being close to such a person. These associates are ranked at the same level as the primary PEP.
  
  
• Business associates who are not PEPs in their own right but who share a common platform at a board level. These associates are ranked one level down from the primary PEP.
  
  

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, OFAC and other Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us info@zrtolerance.com

Verification of address and residency of potential customers is one of the primary AML requirements. Financial companies should request specific documents acknowledging the living address of the person.


Passport, identity card, or driving license could be used both as a proof of identity and a proof of address. However, the same document can't be used to confirm both identity and the place of residence. Therefore, the following documents are usually requested: bank statement and utility bills not older than 3 months, lease agreement, letters from recognized public authorities, etc.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures relevant Proof of Address procedures, and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

A risk-based approach (RBA) requires financial institutions to have systems and controls that correspond to the specific risks of money laundering facing them. Assessing these particular risks is a crucial part of the AML compliance requirements. Firms that apply a risk-based approach to AML focus resources where they will have the biggest impact. Each category of risk (low, medium, or high) should be identified and mitigated by the relevant controls (video verification, enhanced due diligence, etc.)


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Red flags are warning signals of potential AML risks that should bring attention to AML-related staff to potentially suspicious activity or transaction and could be the ground for filing a suspicious activity or transaction report.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix (analysis of red flags and relevant mitigation actions) relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures and tuning KYC and transactions (red flags) )monitoring tools. Should you need our assistance or require more information please contact us info@zrtolerance.com

Along with AML Controls, financial entities need to ensure that they are not doing business that is connected to individuals, entities or countries subject to sanctions, through KYC, Watchlists Screening tools. Sanctions may be issued against countries, individuals, (designated persons, Specially Designated Nationals – SDNs), companies and trading activities. These controls should apply to both international and domestic sanctions regimes.


FATF Recommendations 6 and 7 set out international standards for complying with the global financial sanctions regime. In many cases, AML and sanctions controls operate together as part of AML Compliance Policies, Procedures and Controls.


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

Information about the client's Source of Funds is requested to understand the origin of the monies or assets to be used in a particular business operation (includes contracts, resolutions, bank statements, etc.), where information about the client's Source of Wealth is requested to understand the origin of total assets of the client (includes categories, such as values of income, real estate, stock holdings sources of income, positions on boards of companies, etc.)


Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

On June 21, 2019, the FATF adopted Travel Rule by updating its Recommendation 16 related to cross-border and domestic wire transfers. The above update enlarged the scope of the Travel Rule (that was initially related only to wire transfers) to the cryptocurrency exchanges and cryptocurrency wallet providers.


Prior to June 2019, the Travel Rule used to be a requirement for banks to share information about their customers conducting wire transfers and assume the responsibility to report suspicious activities. After June 2019, crypto companies should also share information about their clients and obtain information about beneficiaries conducting crypto transactions.


You can find more information here:
https://zrtolerance.com/tpost/814ftoxok1-the-fatf-...

Should you require further information or our assistance with the adoption of the Travel Rule within your company, feel free to contact our experts at info@zrtolerance.com

One of the primary AML requirements is monitoring customer activity for identifying unusual or suspicious patterns in customer's behavior or outlying transactions that do not fit ordinary patterns and submitting suspicious activity or suspicious transaction reports to FIU in a timely manner.


In the past, many financial companies were using manual systems that could not identify suspicious activity efficiently and in a timely manner. Therefore, today companies are using AI-based transaction real-time screening and monitoring tools for tracking of deposits, withdrawal, wire and crypto transfers, forex, and other transactions. When the system discovers suspicious activity it sends out an alert and generates STR/SAR to be filed with FIU.


Thus, as in the case with KYC tools, KYT also helps to fulfill AML requirements much more efficiently and at a minimal cost.

Here at ZeroTolerance, we can assist you with conducting an inherent risk assessment, establishing an AML Risk Matrix relevant to your specific business model and relevant risk-based approach, draft AML Policies and Procedures, and tuning KYC, Sanctions Watchlists and transactions monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The watchlists cover local and international, government and law enforcement databases of sanctioned persons, specially designated nationals, money launderers, and other criminals. Distinct from sanctions, the watchlists do not serve as a diplomatic tool to achieve foreign policy goals.


This information can be used when determining whether or not to engage in a business relationship with potential customers, counterparties and suppliers. It might equally be of use when making payments and determining whether or not a payment is being made in the furtherance of a crime, or as part of a financial crime.


Here at ZeroTolerance, we can assist you with tuning KYC, Sanctions Watchlists, and transaction monitoring tools. Should you need our assistance or require more information please contact us at info@zrtolerance.com

The Wolfsberg Group includes 13 private banking institutions. The Wolfsberg Group has no official status however, its statements are considered as best practices throughout the financial sector.

• Wolfsberg Statement Guidance on a Risk-Based Approach for Managing Money Laundering Risks
  
  
• The Wolfsberg Frequently Asked Questions on Risk Assessment for Money Laundering, Sanctions and Bribery & Corruption
  
  
• Wolfsberg Statement on AML Screening, Monitoring and Searching
  
  
• Wolfsberg Group Frequently Asked Questions on Source of Wealth and Source of Funds
  
  

Here at ZeroTolerance, we can assist you with drafting Policies and Procedures, implementing and tuning KYC customer onboarding, watchlist screening and transaction monitoring tools to mitigate the risks covered by The Wolfsberg Group Guidelines and Statements. Should you need our assistance or require more information please contact us at info@zrtolerance.com