Anti-Money Laundering: AML Responsibility Explained Simply

The question in full

Responsibility for anti-money laundering (AML) depends on the structure of the payment setup. In many cases, the solution provider manages AML, KYC, and compliance obligations. However, licensed entities remain fully responsible for regulatory compliance and financial oversight in their operations.

Answer

The solution provider is. That is the beauty of this setup. You are not legally responsible for any such issues as AML, CFT, PF, KYC, KYCC, CIP, Compliance. All the 3-letter acronyms you can throw at it, the service provider is responsible for it. You are not responsible for such areas.

Needless to say, if you are a licensed entity, then you are responsible for regulatory compliance.

Who is responsible for anti-money laundering?

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