ARTICLE · 19 JULY 2023

AML – How A Small Financial Institution Can Be As Compliant As A Bank

ACG International

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Managing partner and attorney at law of ACG International in the Netherlands, Edith N Nordmann tackles a problem faced by small financial institutions around the world.

NetherlandsFinance and Banking

Managing partner and attorney at law of ACG International in the Netherlands, Edith N Nordmann tackles a problem faced by small financial institutions around the world.

During a legal conference in Dubai in May 2023, professionals from all over the world gathered to discuss the ever-changing and increasingly strict AML regulations. I had the privilege of being one of the speakers on AML compliance during a session titled: "Global Risk Mapping: Leveraging Your Due Diligence to Mitigate Multi-jurisdictional Risks".

"Surely it is not reasonable that small financial institutions must meet the same KYC and Due Diligence (DD) requirements?"

One of the questions from the audience was: "How can a small financial institution be as compliant as a bank, while having fewer resources at its disposal?"

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