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Anti-Money Laundering Checks
Review your candidates and customers for potential unlawful activity.
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What is an AML check?
An Anti-Money Laundering (AML) check is a vital component of employment screening and customer due diligence to ensure that your candidates and customers are not attempting to launder money through your business/company, which is particularly relevant for banks and other financial institutions.
Anti-money laundering refers to a set of laws, regulations and procedures intended to prevent people from disguising illegally obtained funds as legitimate income. Most nations have relevant legislation or laws to govern anti money laundering.
Why Conduct AML Checks?
There are two important reasons why businesses should conduct AML checks:
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Protect your business from involvement in criminal activity. Screening your candidates and customers will help to minimise risk and ensure your company has no involvement in criminal activity.
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Ensure your business is compliant with the legislation and regulations relating to AML. Due to the increasing pressure on financial institutions to “know your customer” (KYC), AML checks are vital to ensure you avoid fines and other legal ramifications.
When Should You Conduct AML Checks?
AML checks should be conducted by any company where there is potential for employees and/or customers to pass finances or assets off as legitimate transactions.
We would recommend that banks or financial institutions conduct AML checks when hiring employees, when new accounts are opened (as part of your customer due diligence screening), and as an ongoing check to monitor deposits, transactions, and any suspicious activity.
Why Choose Sterling to Conduct Your AML Checks?
Sterling are experts in conducting AML checks with 45+ years of experience in the industry. Our database is updated daily in real-time and is derived from thousands of public sources.
We are also able to provide you with related services like anti-corruption screening and screening for potential terrorism links to provide you with a holistic screening service that you can rely on.
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