Also, know as Anti-money laundering. It’s been hitting the headlines of the news recently. A major financial worldwide problem. Regulation has never been stricter and businesses face ever-increasing pressure from government authorities. That’s why AML is part of our product: to assist businesses to achieve AML compliance.
What is Anti-money laundering?
Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Though anti-money-laundering (AML) laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
For example, AML regulations require that banks and other financial institutions that issue a credit or allow customers to open deposit accounts follow rules to ensure they are not aiding in money-laundering.
How we help businesses meet AML compliance regulation
We check government and Interpol databases to ensure a person is legit to proceed with financial operations. Did I mention instant and automatic? Yes, it all happens in a blink of an eye, allowing you to scale your operations. So to comply with AML and KYC regulations, we check the following databases:
- Sanctions (EU, UN, OFAC, SECO, HM Treasury)
- Politically exposed person list
- Interpol database
- Lost and stolen documents
- Financial crime
All collected information is returned to you via API key and allows your Compliances officer to make an accurate decision, meet due diligence requirements, and comply with regulatory directives.
“The estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars. Though the margin between those figures is huge, even the lower estimate underlines the seriousness of the problem governments has pledged to address.” – united nations office.
Read more about “what is know your customer” or KYC regulation?