How to keep your business compliant
Companies that deal with financial transactions have to comply with Anti-Money Laundering (AML) Compliance strategies. Not only is this to ensure you adhere to AML regulations, it's also best practice for any business. AML checks need to include an array of procedures and should also include Know Your Customer (KYC) methods to help prevent and detect financial crime early.
The benefits of Anti-Money Laundering checks
Using the right AML software can help you implement KYC AML tactics. Our analysis has shown an increase in Open Account Fraud and other types of fraud. Our tools can help prevent fraud, and help your business meet legal requirements more easily and efficiently under Anti-Money Laundering UK legislation.
- Advanced AML screening: Stop fraud and financial crime before it happens
- Fraud monitoring: Automated transaction tracking that highlights anomalies
- Device recognition: Prevent cyber crime by identifying the devices that interact with your business
- All in one platform: Combine all your Anti-Money Laundering software and tools in one place
Secure
Anti-Money Laundering screening you can rely on
Essential
Tools suitable for Anti-Money Laundering compliance regulations
Practical
Easily monitor and share your company’s AML procedures
Insightful
Valuable Anti-Money Laundering analytics to gain insight into risk and highlight potential fraud
Key features of Anti-Money Laundering resources
Our tools can help you comply with the law and provide insights to ensure a safe and secure future for your business. From your first interaction with a customer to your ongoing daily relationship.
Customer risk management
Ensure you understand exactly who your existing business customers or potential customers are.
- Independent verification and identification, including full corporate structures, owners and directors
- Speedier risk assessments
- Assists with AML Compliance
Stay compliant
AML legislation and guidelines around KYC change often, and a review can help you stay on top of it.
- KYC health check
- Review of your existing AML KYC policies
- Advice on areas that could benefit from review
Continuous monitoring with Experian Hunter software
Stay on top of customer transactions and behaviour to identify potential fraud.
- Monitor customer records
- Highlight discrepancies and areas of concern
- Create manageable worklists
- Assists with adherence to AML checks in the UK
Device awareness
Global fraud detection software suite to protect against online fraudsters by monitoring device usage.
- All-channel device recognition
- Global online fraud detection
- Quickly identify suspicious activity
Plug-and-play AML platform
Combine all your AML and KYC tools into one easy-to-use app.
- Works with a multitude of AML tools, from Experian's and third party software to bespoke tools
- Flexible and scalable to grow with your business
- Makes implementing Anti-Money Laundering procedures simple
Understand the landscape
Our white paper explores the latest data and trends in financial crime and fraud.
- Looks at the differences between customer expectations of fraud management and how businesses behave
- Shows data and analysis of how businesses tackle AML and KYC
- Understands methods to use KYC to improve
FAQs
AML simply stands for Anti-Money Laundering. Money Laundering legislation requires that any company handling financial transactions implement Anti-Money Laundering procedures. This means your business needs to implement proper procedures and software to help with the prevention of Money Laundering.
An Anti-Money Laundering check is a process your business needs to undertake to prevent Money Laundering activity. An AML check should include Know Your Customer (KYC) procedures so you can prove you know who you are dealing with. An AML check involves identity checks and verification, plus monitoring of financial transactions to detect fraud. The scope of overall AML compliance is wide and can be complex, depending on your business. For example, you might need to understand what Anti-Money Laundering checks for solicitors entail if you work in the legal sector. Anti-Money Laundering checks are in place to help reduce the estimated US$1 trillion lost every year due to Money Laundering.ii
Any business that deals with financial transactions needs to perform Anti-Money Laundering checks. This includes companies in both the B2B and B2C sectors.
Red flags in Anti-Money Laundering include anomalies in a customer's transaction history and sudden large or lots of small transfers. There are many other red flags which can be detected by software and procedures within your business. AML red flags can help highlight that financial crime is taking place. But the clues are many and varied, and tools can help make this easier.
KYC stands for Know Your Customer. It is about understanding exactly who your customer is. KYC forms part of the AML (Anti-Money Laundering) procedures and legislation, and is vital in making sure your company is compliant. Although it is an important element, KYC is not a full AML policy on its own. You need many other tools and procedures to comply with AML legislation fully. Our experts can help you understand what these compliance measures include.
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