Australia’s Tranche 2 anti-money laundering reforms are now in effect. From 1 July 2026, businesses providing certain designated services in real estate, legal, accounting, trust and company services, and precious metals or stones must comply with Australia’s expanded Anti-Money Laundering and Counter-Terrorism Financing framework. This guide explains what Tranche 2 AML means, which businesses may […]
StartKYC assesses Politically Exposed Persons (PEPs) using a structured framework based on international guidelines (e.g., FATF, UNCAC, EU AML Directives) and national legislation. The methodology categorizes PEPs into Global Minimum Coverage and National Requirement Coverage, ensuring compliance across jurisdictions. 1. Key PEP Definitions and Framework International References: StartKYC adopts authoritative PEP definitions from: FATF (Financial […]
The European Union’s introduction of instant payments in 2024 has significantly changed the landscape for payment service providers (PSPs). This new regulation mandates that all PSPs, including banks, must be able to process euro payments within 10 seconds. Traditionally, PSPs would screen each transaction against sanctions lists, a process that can be time-consuming and delay payments. […]
Accounting and audit practices are expected to maintain a clear, repeatable AML workflow that is defensible under review. This guide outlines a practical process you can adapt for firms of any size. Note: AML screening (PEP, sanctions, adverse media, enforcement) is distinct from identity verification; this article focuses on screening, not face/ID checks. 1) Define […]
Betting and gaming operators operate in one of the most heavily regulated industries for anti-money laundering (AML). Regulators see gambling as high risk because of fast money movement, cash equivalents, and the possibility of layering funds through gaming accounts. This article explains how iGaming and casinos can structure AML screening, from onboarding through monitoring, to […]
On 24 April 2024, the European Parliament enacted a comprehensive Anti-Money Laundering (AML) Package, formally published on 19 June. This legislation significantly enhances the EU’s arsenal against financial crime. The AML Package comprises three key elements: Sixth Anti-Money Laundering Directive: This directive outlines member state obligations to prevent the financial system from being exploited for […]
If you enter the wrong country as a criterion during a search or monitoring process, the implications depend on how the algorithm processes the mismatch. Here’s what happens based on the latest adopted algorithm: Impact on Matching: The algorithm uses a Holistic Matching approach, where all data points, including names, dates, and locations, are considered […]
Money laundering is a serious problem that affects many industries, including real estate. Criminals often use real estate transactions to launder money by purchasing properties with illicit funds and then selling them for clean money. To combat this issue, real estate agents need to implement anti-money laundering (AML) screening services. One such service is offered […]
Objection: “I’m not sure if I need AML/KYC services. My business is small and doesn’t handle a lot of financial transactions.” Response: “Even if your business is small, AML/KYC services can still be important for protecting your company and your customers. By verifying the identities of your customers and partners, you can help prevent fraud […]
Real estate is a high-risk sector for money laundering: large values, time-pressured closings, cross-border parties, and layered ownership through SPVs or trusts. Agents, brokers, notaries, and lawyers are therefore expected to perform robust anti-money laundering (AML) screening before completion. This guide explains how to apply PEP and sanctions checks effectively and how to document results […]