Anti-Money Laundering (AML) checks are required in a variety of sectors—especially those at high risk of being used for money laundering or terrorist financing. These sectors are typically known as regulated sectors, and the specific obligations can vary slightly by jurisdiction (e.g., EU, UK, US, etc.), but here's a general list of the main sectors that must perform AML checks before onboarding a new client.

Financial Sector

These are the most heavily regulated:

• Banks
• Credit unions
• Payment service providers (e.g., PayPal, Revolut)
• Money service businesses (MSBs) – including currency exchanges, remittance companies
• Lenders and mortgage providers
• Insurance companies – especially life insurance

Investment & Securities Sector

• Brokerages
• Investment firms
• Asset managers and hedge funds
• Crypto exchanges and wallet providers (in many jurisdictions)

Professional Services

These often serve as "gatekeepers" to the financial system:

• Lawyers and notaries – especially those involved in real estate, company formation, or large transactions
• Accountants and auditors
• Tax advisors

Real Estate Sector

• Estate agents / real estate brokers
• Letting agents (in some jurisdictions)
• Developers and other entities involved in large property transactions

High-Value Goods Dealers

Anyone dealing in large cash transactions:

• Luxury goods retailers (cars, jewelry, art, antiques)
• Auction houses
• Precious metals and stones dealers

Gambling and Gaming Sector

• Casinos (including online)
• Betting and gaming operators
• Lotteries (especially private ones)

Trusts and Company Service Providers (TCSPs)

Those who help set up, manage, or operate companies, trusts, or foundations

AML (Anti-Money Laundering) checks involve a series of processes designed to detect and prevent money laundering and terrorist financing

Identity Verification (ID&V)

Verify that the customer is who they say they are.

For individuals:

•  Government-issued ID (passport, national ID, driver’s license) with biometric matching
•  Proof of address (utility bill, bank statement, lease agreement, dated within 3 months)

For businesses:

• Company registration documents (e.g., certificate of incorporation)
• Names and details of directors and Ultimate Beneficial Owners (UBOs)
• Ownership structure chart (for complex entities)

Sanctions, PEPs, and Watchlist or negative media Screening

• Check against global sanctions lists (e.g., OFAC, UN, EU)
• Check if the person is a Politically Exposed Person (PEP) or linked to one (family/associates)
• Screen for inclusion on criminal watchlists or negative media

Source of Funds / Source of Wealth

Mainly for high-risk or high-value customers.

• Source of Funds: Where the money for a specific transaction comes from (e.g., salary, sale of a property)
• Source of Wealth: How the customer acquired their overall wealth (e.g., inheritance, business ownership)

Our KYB process includes verfiying a business is genuine, then checks its financial health and stabilty, delivering a clear credit rating and limit. With access to company data in over 200 countries, we are able to check the financials of any business for stability and credit worthiness. 

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