AML Monitoring
What is AML Monitoring?
AML monitoring is part of the Anti-Money Laundering procedures required of all regulated businesses. The money laundering regulations require that you do proper due diligence as part of your Know Your Customer procedures. This involves initial AML checks, which will identify and verify the client, as well as PEP and Sanction screening, which will alert you to whether or not the customer is more of a risk. If their name matches with a PEP, Sanction or RCA list you must then complete Enhanced Due Diligence to ascertain the level of risk that they may pose. AML monitoring is the process of keeping a regular check on the client going forward. Once initial checks have been completed, you must also monitor every client you have checked for any changes to their status and therefore, any heightened risk to your business.
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How do I monitor AML?
Monitoring AML manually is difficult, time consuming and open to error. The most efficient, accurate and cost-effective way of AML monitoring is using an electronic platform’s automatic monitoring service. Our ongoing monitoring service is supported by the Dow Jones Factiva Watchlist which comprises over 1,100 worldwide Sanction and PEP lists. Our system takes updates from the list every night ensuring that all clients can monitor their customers. Our efficient and innovative data matching processes work to greatly minimize the number of false positives returned, so that you are only alerted when a true match is made.
What’s the difference between conducting an AML check and AML transaction monitoring?
There are two parts to the AML process when it comes to KYC and Customer Due Diligence. The first part is the AML check; this is the initial pass or fail check which identifies and verifies the customer and screens them against PEP and Sanctions lists. AML transaction monitoring is the next part of the AML process. This is the part where, after initial checks have been completed, the customer is monitored for any changes to their status. Ongoing monitoring is a hugely important part of AML. If you check a customer at the start of a relationship, but then never check them again, you leave your business vulnerable as you cannot be sure you are still meeting your obligations as the customer's status may change.
How do I monitor identity fraud?
The easiest way to monitor for identity fraud and to be alerted to any fraudulent activity is to use an electronic platform, like SmartSearch. Our platform will check for suspicious activity by continually monitoring various data sources including reference agencies and fraud lists, as well as bank card and mobile phone activity, and alert you to anything potentially fraudulent.
What systems can I use for AML monitoring?
The only accurate and efficient solution for AML monitoring is an online platform that has access to PEPs and Sanctions list. SmartSearch is the only AML, fraud prevention and KYC platform which incorporates fully automated Sanction, PEP, SIP and RCA screening, along with daily monitoring. Our ongoing monitoring is enabled using data from the Dow Jones Factiva Watchlist. This one source comprises of more than 1,100 worldwide Sanction and PEP lists. To provide ongoing monitoring to our clients, we take updates from the list every night and cross-check with our database. If any of your customers match, we will automatically run Enhanced Due Diligence and only contact you if it is a true match. Our system has one of the highest pass rates available, so we can greatly minimize the number of false positives returned.
What systems can I use for PEP monitoring?
Our system automatically runs PEP screening on all AML checks, and then our daily monitoring checks for PEPs and Sanctions. Therefore, the Smart Search platform provides a one-stop-shop for all your AML needs; it is a unique AML, KYC and fraud prevention solution, with fully automated Sanction, PEP, SIP and RCA screening and ongoing monitoring to ensure you are always compliant.Get the help you need
Our unique verification platform offers the only KYC solution that also provides full Sanction and PEP screening and ongoing monitoring. All checks are automatically saved into the system to ensure watertight record-keeping meaning you can use just one piece of technology for all your AML and compliance needs.
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