Did you know that an estimated 2-5% of the global GDP (approximately $800 Billion – $2 Trillion USD) is laundered each year?

With money laundering posing such a huge threat due to its ties to financing terrorism, forced prostitution & human trafficking, smuggling, embezzlement, drug & arms trafficking, and other forms of profiteering, the need for Anti-Money Laundering (AML) procedures and technology has become greater than ever before. As criminal activities and intelligence continue to advance with access to increasingly complex technology, those in the banking, finance, insurance, legal, and capital market industries face an ever-growing challenge where compliance and best practices are concerned. Partnering with a robust AML software provider like iComplyKYC is one of the best ways to protect your organization and avoid costly fines from regulators.

Below, we’ll discuss the importance of implementing sophisticated AML practices within your business, as well as the benefits of partnering with iComplyKYC.

Why AML Screening Matters

As we mentioned above, money laundering has become a growing concern globally with ties to a multitude of illegal activities. Anti-Money Laundering software and practices are closely related to counter-financing of terrorism (CFT), which are used to combat the accidental financing of terrorist groups and/or activities. When combined with a strong Know Your Customer (KYC) platform, AML software helps to protect you from dealing with individuals, businesses, and third-party entities that may have connections to problematic practices or be using their finances for nefarious purposes.

In addition to staying compliant with all regulatory standards, the implementation of an AML platform benefits your business by:

• Building trust amongst your shareholders and customers, bolstering your brand reputation and value in the process
• Avoiding civil or criminal penalties as a result of negligence
• Reducing your overall costs with regards to employee and IT costs (when in place of manual procedures)
• Lowering your risk exposure
• Allowing for more effective, streamlined operations that you, your employees, and your investors can rely on.

In addition to peace of mind, AML software gives you an invaluable line of defense against fraud, and various other dangerous financial practices, to ensure your business is always in compliance with key regulations like the Patriot Act (US), 4AMLD (EU), PCMLFTA (CAN), The Anti-Money Laundering & Counter-Terrorism Financing Act of 2006 (AUS), and more.

What to Look For in an AML Partner

At a bare minimum, the AML software you choose for your business needs to ensure that you’re up to speed on the basics when it comes to AML protocols, including having a built-in KYC platform, large Currency Transaction Reporting (CTR), suspicious activities monitoring and reporting, sanctions compliance, and more. Advanced AML programs like the solutions offered by iComplyKYC give you access to complex, streamlined automation that uses deep learning, neural networks, and natural language programming to:

• Monitor suspicious activity in real-time (iComply software can update you on any immediate concerns in under 20 minutes)
• Prioritize alerts as necessary
• Perform automated SAR filing
• Conduct alert scoring, peer grouping, and client risk ratings
• Notify you of any rare events (i.e. sanctions being issued, police reports, etc), and more.

Partner With iComplyKYC

At iComplyKYC, we know the importance of integrating AML practices into the backbone of your organization, as well as the peace of mind that comes with having the right solutions in place. iComply’s unique KYC platform not only ensures that you have everything you need to fall in line with a wide range of jurisdictional AML regulations, but with the addition of our modular suite of KYC products, you’ll find that streamline your identification and security processes is easier than ever before.

With the support of a comprehensive compliance tool like the iComplyKYC platform, you can streamline your client onboarding and due diligence, conduct real-time risk assessments, and configure workflows to match the needs of your jurisdiction within a matter of minutes. As one of the most versatile, efficient, and dependable solutions on the market, iComply is your leading choice for AML software, as well as all your KYC needs.

Book a demo with our team today to learn more about iComplyKYC’s AML solutions and discover how our platform can be customized to fit the needs of your business or organization.

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