Money laundering and terrorist financing: how to protect yourself?
With the globalization of financial exchanges, themoney launderingand the financing of terrorism have become global scourges. Players in the financial sector such as banks, insurance companies or investment funds are on the front line facing these risks. Based inBrussels, near Ixelles and Saint-Gilles, the law firm of Maître Twagiramungu has been supporting companies with their complex legal issues for more than 20 years.
A strict and evolving regulatory framework
Anti-money laundering (AML) obligations imposed on financial institutions are increasingly strict and restrictive. They require ain-depth customer knowledge, their activities and their transactions. For example, a bank must be able to detect and report any suspicious transactions, such as a large transfer from a tax haven.
Failure to comply with these obligations exposes you to very heavy penalties:closure of the establishment, fines of several million euros, ban from practicing for managers… In 2020, fines imposed on European banks for lack of AML compliance reached 3.5 billion euros.
Call on experts to secure your processes
Faced with these challenges, it is crucial to surround yourself with experienced consultants to audit and strengthen your anti-money laundering procedures. Their expertise will allowimplement robust processescustomer knowledge (KYC), transaction analysis and reporting to authorities.
Care must also be taken to respect thedeadlines for periodic reviewsand to maintain up-to-date scoring of all its clients according to their level of risk. Artificial intelligence tools can be used to facilitate these tasks and detect anomalies.
Tailor-made support from a specialist lawyer
Maître Twagiramungu puts his expertise in criminal law and corporate law at the service of Brussels entrepreneurs. His firm assists managers in theAML complianceof their company and represents them in the event of an audit or dispute.
Responsive and attentive, Maître Twagiramungu will be able to advise you on how to secure your activities and defend yourself against the authorities. If your company is based in Brussels, Ixelles, Saint-Gilles, Forest or Anderlecht, do not hesitate to contact him for a first confidential meeting.