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AML stands for Anti-Money Laundering and AML refers to a set of laws, regulations, and procedures put in place to prevent money laundering - where criminals disguise illegally obtained funds as legitimate income. This is done by integrating the ‘dirty’ money into the financial system so it looks like it was earned legitimately.
AML involves identity checks and verification, as well as screening potential clients and customers to ensure they are not on any lists of known fraudsters and criminals, or in a position where they could be easily bribed.
As part of their AML processes, regulated businesses must screen all clients against Sanctions, PEP, SIP and RSA lists, and if there is a match, conduct Enhanced Customer Due Diligence, i.e. make further checks to determine if the client in question is someone they should or should not be doing business with. This Enhanced Due Diligence will usually include adverse media checks to screen whether the potential customer has a negative profile. To ensure AML processes remain up to date, regulated businesses should also monitor Sanctions and PEP lists regularly to ensure they are aware of any changes that may implicate their clients.
SmartSearch can offer a complete AML solution - initial checks, Sanction and PEP screening and ongoing monitoring - all from one easy-to-use platform.
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