Statfin | Solutions | AML Compliance

ANTI-MONEY LAUNDERING (AML)

AML verification can largely eliminate the intrusion of high-risk individuals into legally performing businesses where such intrusions can harm a business operation, reputation and credibility.

About AML

What is Anti-Money Laundering (AML)?

AML is the practice of screening an individual or a business entity against banned lists like Sanction lists, PEP lists and others to identify any past financial crimes, including money laundering and illicit money handling, to potentially stop them from committing further illegal money activities.

Why is Anti-Money Laundering Important?

Regulatory Compliance: Conducting AML checks ensures businesses stay compliant and avoid service disruptions.
Secure Partnerships: Verifying partners and users thoroughly helps build trust and prevent financial risks.
Fraud Prevention: Strong compliance practices safeguard against money laundering and illegal transactions.
Financial & Brand Protection: AML checks help businesses maintain stability, credibility, and long-term success.

Key Features

Protects Business Reputation and Brand Image

AML ensures that organizations avoid associations with financial crimes, fraud, or illicit activities.

Global Compliance Screening

Global Compliance Screening guarantees that people and organizations are checked against worldwide regulatory databases.

Regulatory Compliance

Ensures adherence to global AML regulations, preventing legal issues.

Risk-Based Screening

Identifies high-risk individuals and entities through advanced analytics.

Real-Time Monitoring

Continuously tracks transactions for suspicious activities.

Our Process

Identity Verification

Risk Assessment & Profiling

Regulatory Screening

Risk Categorization

Compliance Reporting

Identity Verification

Collects KYC details to detect discrepancies in identity.

Risk Assessment & Profiling

Analyzes UBOs, financial background, business associations, and geographical locations.

Regulatory Screening

Cross-checks profiles against compliance databases like Sanctions lists, Watchlists, PEP lists, and Blacklists.

Risk Categorization

Classifies profiles into low, medium, or high risk based on identified risk factors.

Compliance Reporting

Generates detailed reports highlighting suspicious activities and compliance insights.

F.A.Qs

What is Anti-Money Laundering?

What are the high risks involved in neglecting an AML check?

How can Anti-Money Laundering mitigate high risks that can cause disruptions to a Business?

Which industries are bound to perform AML Compliance checks on their customers?

Can Technology help in Anti-Money Laundering?

What is Anti-Money Laundering?

Anti-Money Laundering is a background check primarily done to avoid onboarding high-risk individuals who can cause disruptions to a business. Disruptions can result in weakening the business flow, affecting its operations, causing a bad reputation, making them face penalties and legal actions/disputes, etc.

What is Anti-Money Laundering?

What are the high risks involved in neglecting an AML check?

Neglecting an AML check can lead businesses/organizations to shutdowns and the banning of their services and products. These effects mainly happen when business entities don’t perform a precise background check on their partners/users or don’t have strict compliance practices, leading to illegal/criminal practices of money laundering and money transfers. Hence, an AML check is necessary to avoid pitfalls, downfalls, and financial loss.

How can Anti-Money Laundering mitigate high risks that can cause disruptions to a Business?

Anti-Money Laundering can halt the intrusion of banned individuals or organizations into a legally performing business by utilizing compliance lists like Sanction Lists, PEP Lists, Global Watchlists, Prohibited Person/ Entities List and others. This AML check can highly ensure regulatory compliance is in place, mitigating high risks that can affect the legal, financial and reputation of a business.

Which industries are bound to perform AML Compliance checks on their customers?

Financial Institutions like Banks, Insurance Companies and FinTech, Dealers like Real Estate Agencies, and Businesses that deal with High Transactions are bound to perform AML Compliance checks.

Can Technology help in Anti-Money Laundering?

Yes, Technology can help in AML monitoring by,