Businesses across numerous sectors face compliance pressures from regulatory authorities, such as HMRC, and the importance of Anti-Money Laundering policy and procedures
Manage your Anti-Money Laundering Process
How your business manages and demonstrates, Anti-Money Laundering compliance could potentially result in severe penalties, including fines, reputational impact, and even imprisonment, for senior management, company executives and directors.
Credas, an ID document and identity verification solution, has been developed using next-generation facial recognition technology.
Our technology enables your business to perform Anti-Money Laundering checks in real-time and confirms the ID document matches the individual.
Credas also gives your business a clear audit trail and assurance that your confidential information is safe and secure.
Core features
Simple Verification,
That Works.
- Liveness Detection
- Identity Document Authentication
- Name, Address and Date of Birth Authentication
- Credit Header, Electoral Register Mortality
- International Sanctions and Politically Exposed Persons (PEP’s)
- Ultimate Beneficial Ownership (UBO)
- Proof of Ownership
- Credit Status
- Bank Account
- RFID Passport Chip Reading (NFC)
How Can Credas Help You Anti-Money Laundering?
- Credas helps clients perform AML in real-time using cutting-edge facial recognition – reducing the complex, time-consuming, resource-intensive and often, expensive processes.
- By working with a wide range of leading commercial data suppliers, Credas offers comprehensive checks on individuals, companies, and verify over 4,000 types of identity documents.
- Credas enables firms to manage the complexity of onboarding and monitoring customers and employees while ensuring our clients meet the highest compliance obligations.
- Multiple data sources mean we offer industry-leading accuracy when it comes to identity checks, more than any other solution available today.
A simple, slick and smart identity verification solution.
Anti-Money Laundering FAQ’s
Frequently asked questions, answered.
What is Anti-Money Laundering in simple terms?
In the most general sense, Anti-Money Laundering (AML) is the blanket term describing the collection of laws, processes, and regulations used to prevent the illegal generation of income.
AML targets a wide range of activities, from corruption and tax evasion to manipulating the market and trading with illicit goods, as well as hiding any of these.
Since the majority of criminals and terrorists rely heavily on a cash flow of laundered money for their illegal activities, having the appropriate AML checks in place has broader crime-reducing implications.
What are the Anti-Money Laundering regulations?
The UK government’s Anti-Money Laundering regulations the aim to protect businesses from being used for money laundering by criminals or terrorists and ensure there are sufficient controls in place to minimise the risk of this happening.
As part of the AML regulations, requirements companies are legally obligated to appoint a Money Laundering Reporting Officer (MLRO). The MLRO should be a senior employee consistently implements the company’s AML policies and procedures.
What are Anti-Money Laundering checks?
Under the AML regulation laws, all businesses, and financial institutions, in particular, are obligated to do everything in their power to identify money laundering tactics and report them.
In addition to running a series of Anti-Money Laundering checks when they first take on a client, companies should also proactively monitor the behaviour of their customers so they can detect any suspicious activity in due time.
The due diligence required from businesses includes many AML checks, ranging from simple Know Your Customer (KYC) checks and Identity Verification, to standard Electoral and Mortality Register ID checks, and even enhanced PEP (Politically Exposed Persons) and Sanctions searches.
AML checks are crucial for some industries, including housing, law, and accountancy to name just a few. New laws are impacting these industries with hard fines handed out for those who don’t comply with the rules and regulations.
A prime example of this is estate agents in the UK who are experiencing the aftermath of anti-money laundering checks, with almost 20% of them fined between £15,000 and £25,000 for non-compliance.
With the Credas panel of best practice checks, you have a simple, quick and cost-effective way to identify whether someone is a Politically Exposed Person (PEPs), domestically or internationally, a subject of global financial sanctions or Known as Deceased, as well as whether they’ve presented a fraudulent ID document.
Our online verification process is an excellent choice if you want to improve your Anti-Money Laundering compliance process, safeguard your business and contribute to reducing crime.