AML acts as a safe protector to financial businesses by identifying customers prior to joining the business. With Anti-Money Laundering(AML) regulation, financial institutions need to check potential customers by screening from the global AML database. In this way, financial companies not only secure the business with having reliable customers but also stay compliant requested by the government.
By screening potential customers through the watchlist database before building the relationship, financial companies are helping governments to fight against money laundering and financing terrorism. Illegal activities do also include market manipulation, trade in illegal goods, fraud, corruption of public funds, tax evasion, bribery, and organized crime. And of course, with a screening watchlist database, businesses stay secured and protected.
Types of Global AML Database
There are few categories in the database when referred to as ‘screening from the global AML database’. Let’s go over the watchlists categories in AML screening.
- Global Sanction & Watchlists
- Law Enforcement Agencies
- Financial Regulators
- Politically Exposed Persons (PEPs)
- Relatives and Close Associates of PEPs
- Reputational Risks & Adverse Media
- Insolvency & Disqualified Director
1. Global Sanction & Watch Lists
More than 180 global sanction lists published from UN, EU + more than 390 official lists
2. Law Enforcement Agencies
Official regulatory lists published by local governments and law enforcement.
Met Police, FBI, Department of Justice, Interpol, etc
3. Financial Regulators
Any individual or entity that has been fined or in some other way subject to action by any financial regulatory body, including FCA, SEC, etc
4. Politically Exposed Persons (PEPs)
Monitoring 1.4 million PEPs worldwide, including ministers and government officials
5. Relatives and Close Associates of PEPs
Associated family members, businesses, business partners of PEPs
6. Reputational Risks & Adverse Media
Financial crime-related scandals, negative media coverage on a person or a business
7. Insolvency & Disqualified Director
Individuals declared as bankrupt, insolvent or disqualified as a director
Staying compliant with the AML regulations in financial industries is beneficial not only to governments but also to the business itself. When going through AML watchlist screening, businesses can help governments to fight against money laundering and terrorist financing. Also, it benefits the business to verify who can onboard and who cannot by the screening activity.
How Argos KYC AML Screening can help
While you focus on the business operation, Argos KYC can cover the labor-intensive duties and make your business safe and secure.
— Stay compliant with official regulations —
Make the business safe by being updated with sanctions and watchlists changes automatically.
— Decrease manual work —
Stay away from the hassle works including manual reviewing and matching profiles. Rely on the automation system with KYC and AML processes. Save your time on consuming and labour-intensive tasks.
— Minimize false positives —
Having reliable customers can be a key factor in this global environment where deceiving is prevalent. Expand your business opportunities with reliable protection including KYC and AML Screening services by Argos KYC.
With Argos KYC, start building a trusted relationship with customers who are verified legimitaly through the identity verification process and the AML screening checks. Protect your business with Argos KYC solution which operates with AI technology along with 24-hour help service. We guarantee accuracy in results and precision in time.
For more detailed information regarding how Argos AML Screening solution is done, please find it here.
Argos KYC | Got you covered!
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