The simple answer is any type of business that falls within the regulated sector is required to conform with local AML requirements. Because of the move to customer assessment on a risk-based approach, geographical, and industry or product sector, risk assessment is an integral part of any customer assessment. Types of businesses that normally are subject to AML regulation are: -
- Financial sector firms, including banks, building societies and other credit institutions
- Individuals and firms engaged in regulated investment activities under the Financial Services and Markets Act
- Issuers of electronic money
- Companies dealing in long-term life insurance
- Currency exchanges, check encashment centers, and money transmission services (money service businesses)
- Auditors, insolvency practitioners, external accountants and tax advisers
- Trust and company service providers
- Casinos; Art market participants
- Crypto asset exchange provider
- Custodian wallet providers
- Estate agents/Realtors and certain letting agents
- Independent legal professionals, when undertaking relevant business