AML Checks Online

There are many reasons for using AML checks online. You may be a landlord wanting to verify the identity of a tenant. Additionally, most employers carry out checks on new employees for verification and to perform background searches. Businesses, especially those in the financial industries, check the current and past financial status of clients.

However, the most common reason for performing an AML check is to prevent money laundering. The essential checks and searches are used to confirm that potential customers and businesses are who they say they are. Assessing background, status and digital presence provide key risk analysis of potential financial crime.

AML checks are often a legal requirement under laws like the Money Laundering Regulations. Supervisors such as the Financial Conduct Authority (FCA) and HMRC consider AML checks a vital part of due diligence and therefore a requirement.

The checks identify and verify the customer through a variety of sources. Credit checks and financial history provide essential information for potential business relationships or transactions.

Who Performs AML Checks Online?

There are a wealth of businesses offering this service. A simple Google or Bing search will provide you with hundreds of options for AML checks. It is important to ensure that whoever you choose is experienced and qualified. Take the time to read through their service provision and read reviews from past customers.

Businesses like Experian are well known providers of AML checks online. They have performed thousands of checks and have effective tools and software. You can also use firms such as Veriff who allow you to perform your own AML checks. Remember, if you are using a third-party to carry out your AML checks online you must have robust outsourcing controls in place. Therefore, having an effective outsourcing policy.is an essential business practice.