What Is Anti-Money Laundering?

Following on from our explanation of the importance of Know Your Customer, this piece will focus on Anti-Money Laundering (AML).  

Money laundering is the process of hiding the true source of funds normally applied to money that has been obtained from an illegal source. Governments across the globe are committed to preventing the use of illicit funds and are implementing ever increasing levels of Anti-Money Laundering (AML) regulations which businesses must comply with. W2 provides access to market leading software that helps businesses of all sizes not only comply with regulation but protect themselves and their clients from fraudulent business.  

AML software, just like KYC, is more than an added extra for regulated businesses. It is a legal requirement. Anti-money laundering (AML) regulations combat fraud by establishing rules for identifying high-risk individuals before they can have an impact on your business. As well as continuing to monitor clients in case they become high risk after the initial assessment. AML regulations also permit the identification and monitoring of high-risk individuals (through KYC) and businesses (through KYB) that may be susceptible to money laundering or bribes.  

W2 can adjust the level of protection to meet the needs of the business. Be that simple monitoring of the main global Sanctions lists (Office of Foreign Assets Control (OFAC), Her Majesty’s Treasury (HMT), European Union (EU), United Nations (UN) or the full inclusion of all global sanction lists, including adverse media.  

W2 solutions alert you if potential customers are sanctioned or involved in political or criminal activity. By obtaining this alert, businesses can track and choose who is onboarded to their business, and this process is seamless and efficient.  

Not only that, through the W2 monitoring system, businesses are also alerted if past or present customers are flagged for a potential fraud risk, ensuring that your business is not only protected on day one, but throughout the lifecycle of your relationship with your business relationships.  

Clients can leverage the W2 expansive portfolio of AML data for onboarding clients and for ongoing screening. The W2 screening feature means you can always be confident that your current customer base is monitored, and alerts will be triggered if those customers could pose a threat to your business. Utilising the W2 portfolio will lead to an increase in efficiency and quality of the onboarding journey. 

If you, or your business would like to know more about Anti-Money Laundering (AML) or any W2 products, contact us on hello@w2globaldata.com.