Recognising money laundering and terrorism and proliferation financing may expose the company concerned to several types of risk:
- Reputational risk – public and customer trust may be lost
- Legal risk – penalties, litigation and even suspension of business
- Business risk – likelihood of losses
Consequences
- Asset freeze
- Share value reduction
- Fines
- Profitability loss
Sanctions
A public statement
A warning
A fine of up to EUR 1,000,000 on the person (individual or entity) responsible for the breach
Suspension or termination of business
A temporary prohibition of business
An obligation to carry out or refrain from a specified action
Removal of the person responsible for the breach from office
Sanctions for credit institutions and financial institutions
- A fine of up to 10% of total annual revenue (or at least EUR 5,000,000)
- A fine of up to EUR 5,000,000 on the officer, employees or person responsible for performing a specified action at the time of the breach.
Our services
Training your staff on ways to prevent and report money laundering
Assessing your internal control system for AML compliance and effectiveness
Implementing risk analysis
Evaluating your documentation process and analysing your internal rules to verify that your document system is adequate and compliant
A third-party due diligence review carried out by independent international legal experts (for banks and other entities)
Conducting and supporting internal reviews
An in-depth AML analysis involving our risk management team
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