AML Check
An AML check is an integral part of the Anti-Money Laundering (AML) compliance framework that financial institutions implement to ensure they do not become conduits for illegal financial activities. This comprehensive process involves several steps aimed at verifying the identity of clients and assessing their potential risks related to money laundering and other financial crimes. Given the increasing complexity and sophistication of money laundering techniques, AML checks have become essential for safeguarding both the financial institution and the broader economy.
Key Components of an AML Check:
- Customer Due Diligence (CDD): This involves verifying the identity of clients through documents such as passports, utility bills, or other official identification. The extent of due diligence may vary based on the risk associated with the customer.
- Risk Assessment: Institutions assess the risk level associated with each client. Factors such as the client’s geographical location, business activities, and transaction patterns are evaluated to identify any red flags.
- Monitoring Transactions: Ongoing monitoring of customer transactions is vital to detect unusual or suspicious activities. This includes reviewing transaction amounts, frequencies, and types against typical customer behaviour.
- Screening Against Sanctions Lists: Clients are screened against national and international sanctions lists, including those maintained by the UK Treasury, EU, and UN. This helps identify individuals or entities that may pose a higher risk.
- Reporting Suspicious Activity: If any suspicious transactions or behaviours are identified, the institution is required to report these to the relevant authorities, such as the National Crime Agency (NCA) in the UK.
- Record Keeping: Proper documentation and record-keeping are essential for compliance purposes. Institutions must retain records of AML checks and any actions taken for a specified period.
Importance of AML Checks:
AML checks are fundamental to maintaining the integrity of the financial system. They help protect institutions from being used as conduits for illicit activities, which can lead to significant legal and reputational risks. By implementing robust AML checks, organisations not only comply with regulatory requirements but also contribute to the broader effort to combat financial crime.
An AML check is a multifaceted process that serves as the frontline defence against money laundering. By conducting thorough customer verification, ongoing transaction monitoring, and adhering to regulatory requirements, financial institutions can significantly mitigate risks and uphold the integrity of the financial system.
About Neotas Due Diligence
Neotas Platform covers 600Bn+ archived web pages, 1.8Bn+ court records, 198M+ corporate records, global social media platforms, and 40,000+ Media sources from over 100 countries to help you build a comprehensive picture of the team. It’s a world-first, searching beyond Google. Neotas’ diligence uncovers illicit activities, reducing financial and reputational risk.
WHAT WE OFFER
- Complete, Automated AML Solutions – Tailored to meet regulatory requirements for detecting and preventing money laundering activities.
- Seamless, Easy-to-Use Platform – Featuring interactive dashboards and management tools for efficient oversight.
- Single Workflow Platform – Consolidating all AML operations into a unified, easy-to-navigate system.
- OSINT-Driven Intelligence – Incorporating unstructured and structured data from open sources to uncover hidden risks.
- Dynamic Monitoring & Alerts – Real-time monitoring of individuals, entities, and transactions, with risk-based alert frequencies.
- Enhanced Due Diligence – Comprehensive checks on high-risk entities, including AML Regulated organisations, vendors, and customers.
- Seamless Integration – Easily integrates with existing AML, KYC, and compliance systems.
- Managed Service Option – Access to expert-driven, report-based AML assessments.
- Comprehensive Value Chain Monitoring – Covering all relevant actors, from customers to intermediaries and vendors.
Our automated AML monitoring continually tracks high-risk individuals and entities, providing immediate alerts on any significant changes or suspicious activities.
Neotas is a leading SaaS platform widely deployed by organisations for investigating suspected financial crime.
AML Case Studies:
- Case Study: OSINT for EDD & AML Compliance
- Overcoming EDD Challenges on High Risk Customers
- Neotas Open Source Intelligence (OSINT) based AML Solution sees beneath the surface
- ESG Risks Uncovered In Investigation For Global Private Equity Firm
- Management Due Diligence Reveals Abusive CEO
- Ongoing Monitoring Protects Credit Against Subsidiary Threat
- AML Compliance and Fraud Detection – How to Spot a Money Launderer and Prevent It
AML Solutions:
- Risk-Based Approach (RBA) to AML & KYC risk management
- Anti-Money Laundering (AML) Compliance
- Anti-Money Laundering (AML) Checks
- Anti-Money Laundering (AML) Regulations
- Anti-Money Laundering (AML) Compliance Checklist
- Anti-Money Laundering (AML) Compliance Checklist for Banks
- Anti-Money Laundering (AML) Transaction Monitoring
- Money Laundering Reporting Officer (MLRO) – Roles and Responsibilities of an MLRO
- What is Customer Due Diligence in Banking and Financial Services?
Manage Financial Compliance and Business Risk with Neotas AML Solutions.
Neotas is an Enhanced Due Diligence Platform that leverages AI to join the dots between Corporate Records, Adverse Media and Open Source Intelligence (OSINT).
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