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: