Money laundering prevention & compliance
Faster, more accurate AML checks that are fully compliant with the 4th directive.
Anti-Money Laundering checks are an essential part of ‘Know Your Customer’ (KYC) policies. Not only are these checks becoming increasingly important when preventing identity theft, money laundering and financial fraud, but for many industries they are a legal requirement
With the enforcement of the 4th Anti Money Laundering Directive on the 26th June 2017 regulatory changes including enhanced procedures and customer due diligence will need to be taken into account by businesses conducting AML and KYC checks. Failing to make the appropriate adjustments to your AML checks could expose your business to increasingly larger fines.
Along with being compliant with KYC policies, Creditsafe’s AML Checks meet all the standards outlined as per the joint Money Laundering Steering Group (JMLSG) guidance ensuring peace of mind that your due diligence is fully AML compliant.
Bank Account Validation and Verification
The introduction of Creditsafe’s Bank Account Validation and Verification means you can now also enrich and enhance your KYC checks by verifying customer transaction data with UK bank records. With access to more bank data than any other UK provider, Creditsafe ensures you get the most accurate information when you need it most.
Online AML Checks allow you to:
- Screen individuals against PEP and Sanction data
- Access more bank data than any other UK provider –
over 40 million accounts
- Verify client’s identity who not physically present
- Combat fraud and terrorism funding
- Exhibit good governance with a paperless audit trail
- Conduct business confidently and effectively
- Run single checks within as little as 30 seconds
You can also bring your historic customer files up to date and in-line with new legislation with Batch AML checks:
- Provide up to 200’000 customers in a single file
- 36 hour turn-around time