Why is Sanctions compliance important for my business?
Global AML & KYC regulations are a complicated field to navigate especially for small and midsize businesses (SMB). Not only the complexity of the regulations itself make it difficult but often there are regulations from multiple countries or organizations to obey.
While the financial industry and other ‘high risk industries’ such as real estate have been required for a long time to have KYC processes in place, many other industries only now face stricter regulations due to global widespread of KYC and AML compliance requirements.
In general all businesses are required to adopt compliance programs and for example check their customers against Sanctions and PEP (Politically Exposed Persons) lists to understand the risk in doing business with their clients.