{{ image_alt:integrations-(sfconflict-dario-parall.ax-2019-10-21-16-38-01).jpg }}

How to be AML Compliant

Every firm that’s subject to money laundering regulations must put AML compliance policies and procedures in place, in order to minimise their money laundering risk. Collectively, these measures make up the AML compliance efforts of a business – or the extent to which a firm is complying with global and national AML regulations.

A Risk-based Approach to AML Compliance

In 1990, the Financial Action Task Force published a list of 40 formal recommendations for AML compliance. One of the key takeaways from this list was the suggestion that every organisation in the regulated sector should implement a risk-based approach to AML.

This recommendation acknowledges that there’s no one-size-fits-all approach to AML compliance, which can be rolled out across all the regulated organisations. Instead, a risk-based approach puts the onus on the individual business to identify the key points of vulnerability, and put sufficient processes in place where the threat is greatest.

How to Ensure AML Compliance

Anti-money laundering regulations are regularly updated , with new EU directives coming out almost every year. These frequent changes in regulation can make it hard to ensure that your firm is compliant, but by developing a bespoke risk-based approach and creating an AML compliance checklist, you can ensure your business covers all bases.

SmartSearch Can Help

SmartSearch is proud to offer an end-to-end AML solution that takes the stress out of AML compliance. Our industry-leading service includes everything from initial checks to ongoing monitoring, all in one user-friendly place.

This intelligent automated service can carry out electronic ID verification in seconds, before screening your potential clients and customers for sanctions, PEPs, SIPs and RCAs. If there’s a match, SmartSearch automatically performs enhanced due diligence so you don’t have to. Not to mention, all our searches are automatically recorded in real-time on the system, and can be recalled at any time to support audits.