AML Compliance for Banking and Financial Organisations
AML for banking and financial organisations doesn’t have to be complicated. Our end-to-end AML solution consistently evolves to meet the ever-changing regulations set out by the FATF, so there’ll never be gaps in your compliance.
Helping financial firms get compliance right
Firms in financial services provide a wide range of products to their clients, so they’re left vulnerable to money laundering in a multitude of different ways – this often makes AML compliance measures complex to implement.
SmartSearch offers an award-winning platform, with an electronic customer verification system that can gather quick and accurate results. We’ve put sanction checks, PEP screening and ongoing monitoring in one accessible place, making AML in financial services simple and reliable.
Just a few areas we can help you with
SmartSearch Saves Time and Money
Manually performing the different checks required for AML compliance is a time-consuming process that’s liable to human error. Our unique software carries out automated digital checks in minutes using the Dow Jones WatchList, which combines reliable data from sources all over the world.
We simplify the KYC process for AML in banking and finance, verifying your clients in both the UK and overseas, so you can get on with what you do best. Get a personalised quote for your financial institution today, and find out how much you could save.
What kind of financial organisations do we work with?
- Building (Retail/Commercial)
- Building Societies
- Asset Finance
- Invoice Discounting
- Private Equity
- Pre-paid Cards
- Foreign Exchange
- Debt Funding
Our services are used by the largest Financial Services networks
Read case studyThe service is robust – we have experienced little or no downtime and communication from SmartSearch is excellent with updates, credit alerts and monthly reports detailing usage.Rita Hens Customer Services Manager
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Frequently Asked Questions
Why is AML important for banks?
Banks and other firms in the financial sector are extremely vulnerable to money laundering, so AML for banks is vitally important, as it protects institutions from unconscious involvement with financial crime. Banks are also required to meet the AML regulations implemented by the FATF, and the guidance from the FCA – if they fail to be compliant, those involved can face steep penalties like fines or even a prison sentence.
How do financial institutions detect money laundering?
There are three stages in the money laundering process, but it is most easy for banks to detect during the first stage, which is placement. During the placement stage, cash is broken up into smaller amounts, and moved around in an attempt to put distance between the money and its illegal origins. Some launderers may make deposits in shell bank accounts at this point – and these can be easy for financial institutions to spot, if they appear in a large lump sum or a suspicious number of smaller deposits. Shell bank accounts are also used in the second stage of money laundering – layering – where the money is passed through multiple transactions and movements to “wash” it, but this is often harder to detect.
What is a shell bank account?
A shell bank account is an account with a bank which has no physical presence in the country where it’s licensed – that means no branches, no offices and no staff. Shell banks are not affiliated with a regulated financial organisation, and as a result of this, they’re also not monitored by a supervisory body, like the FCA. This makes shell banks an easy solution for money launderers looking for somewhere to place and wash dirty money.
How can banks prevent money laundering?
Banks in the UK can prevent money laundering by following the AML regulations from the FATF, and meeting the guidelines from the FCA. That means implementing a risk-based approach, with an extensive screening process including KYC, PEP and sanctions checks, as well as ongoing monitoring and Enhanced Due Diligence on any matches. KYC checks specifically can be used to prevent the creation of shell accounts by those who have a history of financial crime, as they enable you to verify the identity and reputation of your clients and customers, before you enter into business with them.
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