Emily Clarke

How to Easily Maintain AML Compliance

Whether you run a bank, a brokerage firm, or any other financial institution, maintaining AML compliance is paramount. The Bank Secrecy Act of 1970 established laws to identify and reduce money laundering schemes. AML, or anti-money laundering, compliance ensures that your organization isn't inadvertently supporting nefarious crimes.

While navigating the AML waters seems complicated, it's relatively easy to stay compliant by following these tips.

Adopt AML Screening Procedures

The best way you can stay compliant is to invest in anti money laundering screening services. The best identification verification providers often have additional screening options to help you comply with various laws and regulations. AML compliance is just one option.

The screening process checks names against AML watch lists. Advanced algorithms can run IDs across multiple lists, intelligently identifying potential issues with few false positives. If problems do come up, you can easily report them to the appropriate authorities and stay in the clear.

Maintain an AML Compliance Program

Your company should have a broad AML compliance program unique to your needs. Every organization is different, and exposure to potential laundering schemes can vary wildly. Programs should be tailor-made to fit your operations, regulatory environment, risks, and more.

It's not enough to get a program up and running. Continue to monitor and enforce the program. Laundering schemes are ever-evolving, and you must stay vigilant to ensure that your company is safe and compliant.

Implement Customer Identification Measures

In addition to compliance and anti money laundering screening services, your organization should have a KYC program in place. KYC, or "Know Your Customer," programs work to verify identities and provide another shield against potential crimes and money-laundering schemes.

You want to know who you're doing business with at all times. Not only does it keep you safe and compliant, but it helps you understand your risks.

Staying Compliant

AML compliance isn't optional. It's best to sort out your compliance measures as soon as possible. Otherwise, you open yourself up to legal penalties. Violating compliance is no joke, so keep these tips in mind and be vigilant to protect your organization.

Author Resource:-

Emily Clarke writes about identity verification and business verification service. You can find her thoughts at screening solution blog.