NEWS FOR CONSUMERS WITH REAL ESTATE/TIMESHARE CONTRACT!

Are KYB and AML regulations mandatory...

Yes, both KYB (Know Your Business) and AML (Anti-Money Laundering) regulations are mandatory for regulated companies and entities conducting financial activities.

What does that mean?

KYB:

(Know Your Business) is about a financial institution or other regulated entity verifying and understanding its business partners and their business structure. It aims to ensure that it does not cooperate with companies that may be involved in illegal activities.

AML:

(Anti-Money Laundering) aims to prevent money laundering and terrorist financing. This means that financial institutions and other regulated entities must have procedures for identifying and reporting suspicious transactions.

Why is it mandatory?

Protect financial systems:

By identifying and preventing money laundering and terrorist financing, the financial system and its integrity are protected.

Strengthen trust:

Confidence in the financial system is important for economic growth and stability.

Fighting crime:

By following KYC/KYB and AML regulations, you can help combat financial crime and other illegal activities.

Legal requirements:

The rules are statutory and there are sanctions for companies that do not comply with them.

Who is affected?

Financial institutions: Banks, insurance companies, investment companies, etc.

Other regulated entities: Accountants, lawyers, real estate agents, etc.

In conclusion: KYB and AML regulations are important tools to combat financial crime and ensure a stable and trustworthy financial system. They are mandatory for many regulated entities.

DEREGISTRATION AND SCREENING IS ESSENTIAL FOR MOST CONTRACTS.