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Articles » Latest Articles
ANTI-MONEY LAUNDERING (AML) CHECKS
May 12, 2021 • Red Flag Alert • Updated On: May 9, 2023
Compliance
Anti-Money Laundering (AML) checks are an unescapable part of doing business
today.
Financial institutions and public bodies use them widely to comply with their
Know Your Client (KYC) obligations, but other companies also conduct a range of
checks to protect their interests.
AML procedures form part of the customer due diligence and employment screening
process for many organisations, and are intended to identify and prevent
criminal behaviour. Anti-money laundering itself refers to the body of
legislation that seeks to prevent bad actors from disguising illegally obtained
funds as the legitimate proceeds.
Here we outline the primary AML Regulations and outline how businesses can meet
their legal obligations.
WHAT ARE THE AML REGULATIONS?
The Anti-Money Laundering regulations are the primary source of AML legislation
in the UK. They set the standards that businesses must follow when completing
anti-money laundering checks, and prescribe a number of steps and controls that
organisations should take to meet their AML compliance obligations.
One key provision of the AML regulations is the need for certain businesses to
appoint a senior employee to the position of Money Laundering Reporting Officer
(MLRO). The appointee will then be tasked with leading the organisation's
approach to AML policies, and must report any suspicious behaviour to the
Financial Conduct Authority (FCA) and other relevant bodies.
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WHAT ARE AML CHECKS?
Aside from appointing an MLRO, the AML regulations require all businesses and
financial institutions to take sufficient steps to combat fraud and identify
Anti-Money Laundering checks can take various forms depending on the type of
business and the specific nature of the transaction involved. In broad terms,
they can encompass anything from identity verification checks through to
reviewing the electoral roll and even carrying out enhanced due diligence to
identify Politically Exposed Persons (PEPs) and sanctions.
Alongside checking identity documents and reviewing publicly available
information about individuals, organisations should also be alive to the risks
of money laundering throughout all their dealings. This means they should
mindful of any potentially unusual financial activity, including:
* Large cash transactions
* Multiple unexplained transactions
* Transactions that are linked to high-risk jurisdictions
* Transactions that are unexplainable or make no commercial sense
* Transactions that involve suspicious individuals or businesses.
WHY ARE AML PROCEDURES SO IMPORTANT?
While AML checks and procedures are a legal obligation for many organisations,
their significance stretches far beyond upholding the law. Businesses that fail
to meet their legal obligations could be met with substantial penalties, and the
regulators are keen to encourage a proactive approach to AML compliance.
Firms that are not convinced that compliance is important need only to look to
the many estate agency firms that have been fined up to £25,000 for failing to
conduct the necessary AML checks on their customers.
Outside of financial penalties, businesses that do not conduct the necessary
checks on their customers could suffer from reputational damage and even
criminal sanctions. This is a price that's simply not worth paying, and so all
organisations should review their policies to ensure they are actively
monitoring for any potential criminal activity.
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AML CHECKS MADE SIMPLE
Money laundering poses a major dilemma for organisations of all shapes and
sizes, with figures from the National Crime Agency suggesting that it costs the
UK economy over £100 billion each year. While the regulations can seem quite
complicated, there are AML solutions available that reduce the burden on
businesses by meeting all necessary legal obligations.
Red Flag Alert’s AML and KYC platform is the simple answer to this complex issue
and can help firms to monitor for suspicious activity without disrupting their
everyday commercial activities. Businesses that incorporate it into their new or
existing compliance regime can count on:
• A full range of risk level checking
• Unbeatable match rates
• ID verification
• Enhanced due diligence
• Sanctions and PEPs real-time screening
• Monitoring alerts
• User-friendly interface
• Secure audit trail
For a better approach to AML compliance, book a demo to see how our platform can
help.
Published by Red Flag Alert May 12, 2021
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