AML checks and solutions
Due to digitalisation, online processes are now more volatile than ever. This has been particularly noticeable for financial institutions and businesses, with financial crime rising steadily over the years. AML (anti money laundering) regulations have been introduced to secure financial processes, and yet there is no replacement for a trained team of professionals to protect your business. In this blog post, we explain how you can perform effective AML checks as well as outline how to train your employees to do so in an efficient manner themselves.
What is AML compliance?
AML compliance stands for government-issued mandates to protect business procedures. These regulations are set up to create a standard that makes it harder for money launderers to breach protective processes and to catch counterfeit money. In short, these regulations determine that any financial institution needs to conduct a screening of any person performing a financial transaction. Based on this screening, a risk assessment is set up. Based on this assessment, the person will be accepted or declined as a customer. Hereby, existing customers need to be continuously monitored in order to prevent possible money laundering.
How to perform AML checks
AML checks are highly important to assess identities and ensure that people are who they claim to be. An easy solution to successfully organise your AML processes regarding banknote verification is Keesing’s Documentchecker. When institutions decide to internally perform AML checks, the creation of a checklist is crucial. Such checklist allows you to create a step-by-step overview of how to approach the AML process internally.
- Determine the AML process procedure: document what the process will be regarding customer onboarding, investigating and acting on suspicious transactions or activities. Include the KYC/AML procedure within this step to make sure that customer onboarding will be executed successfully.
- Execute a risk assessment: map the possible risks your institution can be facing and determine the weighing factor of these risks. Perform this assessment on both an organisational and a product/service scale.
- Screen activities: monitor your client’s activities and act on suspicious transactions. Your AML procedures should point out what to do when you encounter fraudulent activities at this point.
- Report: create a report, including non-suspicious and suspicious activities of the last reporting period.
Training and solutions
AML solutions can save huge amounts of time and money if done correctly. Keesing Documentchecker helps your organisation with AML, KYC and customer onboarding processes. Due to its extensive ID document and banknote reference information, our database can perform any type of checks. Aks our experts what Documentchecker can do for you.
Select from our on-the-spot or online training modules to effectively train your staff in recognising forgeries, verifying authentic ID documents and preventing fraud with the Keesing ID Academy. Our certified trainings ready your employees to take on any AML challenge. Click here for more information.