To combat skilled and cunning criminals in their efforts related to terrorism and money laundering, many institutions, companies, and private individuals are assigned additional tasks. The goal is to increase security and suppress criminal activities. Here are examples of the law's impact on our society:
Financial institutions: The AML law imposes obligations on financial institutions such as banks and insurance companies to identify, report, and prevent suspicious transactions.
Businesses: Companies that conduct large financial transactions are also subject to AML regulations to prevent financial crime in the business world.
Lawyers and accountants: Profession-based industries like lawyers and accountants are also covered by AML law, as they may play a role in financial crime.
Associations and organizations: Although small associations are usually not directly involved in large financial transactions, they must comply with certain AML regulations, especially when receiving large donations or handling transactions through bank accounts.
AML legislation is a key part of the global and national effort to protect the financial system from misuse and ensure that financial activities are legitimate and transparent. While it primarily affects financial institutions and businesses, its reach is broad, and its requirements can vary depending on the size and activities of the association. It is important for all involved parties to be aware of and comply with AML regulations.