Anti-Money Laundering (AML) Checks

Anti-Money Laundering (AML) Checks

Guarantee your Anti-Money Laundering (AML) compliance with efficient, professional AML checks from Eurocom CI. With our flexible AML screening solutions, you can reap the benefits of managing all required AML background checks in one system, with fast results.

What are Anti-Money Laundering Checks?

AML checks are crucial components of an organisations' due diligence and pre-employment background screening processes. HR teams and business owners conduct online AML checks to ensure all prospective employees, current employees and customers are not attempting to launder money through an organisation.

Comprehensive, structured AML screening checks will verify individuals responsible for financial transactions. AML checks screen individuals against the following:

  • Global watchlists
  • Politically Exposed Persons (PEP) databases
  • Sanctions lists

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AML Regulations

The Anti-Money Laundering regulations are the primary source of AML legislation in the UK. These regulations set the standard that businesses must follow when conducting AML checks, prescribing a set of controls and steps to meet AML compliance obligations.

Specifically, AML regulations state that certain organisations must appoint a senior employee to Money Laundering Reporting Officer (MLRO). This individual will be responsible for leading the business' AML policies and reporting any suspicious activity to the Financial Conduct Authority (FCA).

Why Conduct AML Checks?

Money laundering checks help organisations identify and mitigate risks, streamline their hiring and onboarding processes and comply with relevant legislation.

Financial institutions must also fulfil their CDD (Customer Due Diligence) and KYC (Know Your Customer) obligations, which AML screening systems and processes can efficiently help them meet.

The main reasons why businesses should conduct AML background checks are to:



Protect the organisation from any involvement in any criminal activities.



Ensure the business is compliant with AML legislation and regulations.



Prevent the company from being issued fines and legal action for failing to comply.

Why are AML Checks Necessary?

AML screening requirements state that regulated entities must, by law, implement sufficient AML compliance controls to prevent money laundering.

AML procedures and checks are legally required for many companies that fail to meet their legal obligations, and they could be dealt penalties for not complying. Money laundering poses a significant and prevalent risk to many firms in the UK and abroad, estimated to cost the UK over £100 billion each year.

The legislation and regulations were drafted to protect organisations from involvement with money laundering activities, but equally, entrust them to do their bit in the fight against money laundering. This includes reporting suspicious activities - which could be considered a financial crime - to the relevant authorities.

Understanding the legal requirements for safeguarding a business and employees from money laundering may sound complicated. Deciding how to protect everyone from any criminal exploitation while not hindering business relationships is a difficult task.

With the help of Eurocom CI's robust and structured AML screening checks and procedures, you can save time, effort, costs and conduct business as usual with complete peace of mind that you're fully AML compliant.


When Should You Conduct AML Checks?

Organisations should conduct these background checks when there is potential for employees or customers to pass off finances or assets as legitimate transactions.

Banks or organisations in the financial sector should conduct AML reference checks via a third-party background check agency as the first step in their recruitment process. They should also ensure checks are performed when new accounts are opened (as part of CDD screening) and on an ongoing basis to monitor deposits, transactions and applications, to spot any suspicious activity.

If you're looking for a third party background check agency with proven experience helping organisations fulfil their AML compliance requirements, look no further than Eurocom CI.

AML Checks Online

With Eurocom CI's structured background screening solutions, your organisation can reap all the benefits of efficient, thorough checks completed alongside other checks. Our live identity verification software automates the process, freeing time and resources for your HR team and hiring managers.

When the screening begins, all searches go directly to the relevant agency conducting your checks, with results and information fed directly into your bespoke software (Xavier). These real-time updates allow you to witness all online AML screenings underway, allowing you to take quick, informed and decisive action if necessary.

To arrange a free demonstration, or to find out more, speak to Eurocom CI today.