Detect AML Hits for Businesses

AML is an umbrella term for the range of measures, controls, and processes businesses must have in place to achieve regulatory compliance and stop financial criminals from concealing illegally obtained funds and making them appear legitimate. AML laws require companies to take steps such as verifying the identity of their customers, keeping records of the customer's transactions, and reporting suspicious activity to authorities. One of the most crucial parts of complying with AML laws is to Know Your Customer (KYC), or in the case of B2B relationships, Know Your Business (KYB).

Terrorists require funds to be able to perform their operations. Acts of terror can be prevented by disrupting the flow of funds to terrorists, and many countries have implemented measures for countering the financing of terrorism (CTF). These measures are often synonymous with anti-money laundering (AML) laws. Implementing adequate AML/CTF controls is vital to the regulatory compliance strategy and combat terrorist funding.

Sanctions, also referred to as restrictive measures, are punitive or restrictive actions taken by individual countries, regimes, or coalitions. Sanctions can restrict organisations, individuals, and states from conducting trade, making financial transactions, and more. Sanctions can be specific or general in their implementation and enforcement. Organisations must comply with regulator expectations and adopt a risk-based approach to sanctions compliance with access to continuously updated sanctions lists, i.e. databases listing individuals, legal entities, and countries with whom it is illegal to do business.

Adverse media, a.k.a. negative news, refers to any disadvantageous information found about individuals and entities across traditional news outlets and unstructured sources. Adverse media screening and monitoring is the process in which a customer, or prospective customer, is screened against negative news and data sources. Adverse media screening and monitoring allow firms to detect a potential problem before they risk being associated with it and having their reputation tainted.