Anti Money Laundering
Anti money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
Though anti money laundering (AML) laws cover a relatively limited range of transactions and criminal behaviors, their implications are far-reaching.
Anti money laundering (AML) is part of our mobile wallet solution. Make sure your business complies with AML legislation, and fight money laundering against your business so that none of your clients can defraud you.
The anti money laundering solution filters customer data, classifies it according to level of suspicion and then continually inspects it for discrepancies.
There are three stages involved in money laundering:
- Placement –This is the movement of cash from its source. On occasion the source can be easily disguised or misrepresented. This is followed by placing it into circulation through financial institutions, casinos, shops, bureau de change and other businesses, both local and abroad.
- Layering – The purpose of this stage is to make it more difficult to detect and uncover a laundering activity. It is meant to make the trailing of illegal proceeds difficult for law enforcement agencies.
- Integration – This is the movement of previously laundered money into the economy mainly through the banking system and thus such monies appear to be normal business earnings. This is dissimilar to layering, for in the integration process, detection and identification of laundered funds is provided through informants.
Our anti money laundering solution assists in identifying, reporting and blocking suspicious activities by accessing watchlists, analysing transactional activities and reporting subscriber behaviors.
The main goal of our AML solution is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.
Our anti money laundering solution:
- Scans personal user documents like passports, ID cards and visas, plus most other types of documents that are required by law.
- Authenticates the validity of these personal user documents.
- Instantly displays a pass or fail result on the document.
- The software automatically sends the results securely to your email.
- Our anti money laundering solution protects your organization from prosecution if it gets scammed.
- Provides your business with peace of mind because you are complying with AML legislation through due diligence.