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.
Frequently asked questions, answered.
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.
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.
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.