For Citizens

Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) refers to the comprehensive set of measures and regulations designed to prevent illicit funds—whether derived from criminal activities or intended for terrorist financing—from circulating within the economy.

This framework applies to a wide range of regulated entities, including:

• Banks and payment service providers (including electronic money institutions),
• Insurance companies,
• Notaries,
• Real estate agents,
• Casinos and gambling operators,
• And cryptocurrency service providers.

Banks are legally required to verify the identity of their customers (KYC – Know Your Customer) and understand the origin of funds. These obligations stem from regulations that apply uniformly across all financial institutions and jurisdictions.

Yes. All financial institutions must verify their customers’ identities, much like presenting an ID before boarding a flight. This ensures that you are indeed the account holder.

Notaries and real estate agents are similarly bound by these requirements.

Financial institutions are required to periodically update customer identification records. If, for example, you have renewed your ID or changed your address, your bank may request an updated ID or proof of residence.

Banks may temporarily delay a transfer if it appears unusual or involves high-risk jurisdictions (countries associated with money laundering or terrorist financing risks). In such cases, the bank must conduct further verification.

Once the required documentation is provided, the transaction is typically released. These measures also help protect customers from fraud, preventing funds from being diverted to criminals or foreign accounts.

Best Practices:

• Retain supporting documents (e.g., invoices, sales agreements, gift deeds);
• Respond promptly to bank requests;
• Inform your advisor in advance of significant transactions.

Important: Remain vigilant—always verify that requests genuinely originate from your bank. A bank will never ask for your card PIN or remote banking credentials.

You may use bank transfers, mobile payment systems or other regulated money transfer services.

For large or unusual transactions, notify your advisor in advance and provide a clear explanation (e.g., family support, loan repayment, gift). Keep a simple record (e.g., a written note or message) for reference.

The real estate sector is particularly vulnerable to money laundering in many countries. Banks, notaries, and real estate agents are legally obligated to verify fund origins (e.g., savings from salary, inheritance, or gifts). This is especially common when obtaining a mortgage from a bank other than your primary institution.

Yes, but the bank may request an explanation. Cash transactions are closely monitored due to their difficulty to trace, making them a higher risk for illicit activities.

Life insurance companies are subject to Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) due diligence obligations. These require them to: verify and, where necessary, update customer records (referred to as Know Your Customer or KYC); and ensure the accuracy and currency of collected documents, data, and information for all clients.

In this context, your life insurance provider may request updated documentation (e.g., a valid ID, recent proof of address), additional information or supporting documents concerning the origin of funds or the tax consistency of the business relationship.

These regulations are designed to protect your money, the economy, and citizens from criminal exploitation; and safeguard financial integrity without intruding on law-abiding citizens.

Their purpose is security, not surveillance.