An Anti-Money Laundering (AML) Check delivers an easy to understand set of indicators as to the existence and authenticity of an individual and all through a single search.
The results are delivered through an easy to understand Pass/Refer outcome and three digit profile.
The minimum requirement for a Pass is:
Anything less will result in a Refer outcome which suggest that you should obtain more information such as photographic identification.
The Watchlist screens customers against Sanctions and Politically Exposed Persons (PEP) lists to identify target matches. It is a vital part of meeting AML obligations.
The Watchlist Summary is displayed as a panel on the AML Check.
The detailed Watchlist where you will be able to see more information about any alerts can be viewed by clicking on the Full Watchlist Report button.
The Watchlist checks for alerts in the following categories:
| Category | Description |
|---|---|
| Sanctions | AML regulations stipulate the requirement to identify sanctioned individuals, corporate entities including non-corporate entities such as charities. Financial sanctions are restrictions put in place to achieve a specific foreign policy or national security objective. They can limit the provision of certain financial services and restrict access to financial markets, funds and economic resources. |
| Politically Exposed Persons (PEPs) | AML regulations stipulate the requirement to identify PEPs, defined as an individual who is or has, at any time in the preceding year, been entrusted with a prominent public function, other than middle ranking or junior officials. |
| Relatives & Close Associates (RCAs) of PEPs | AML regulations stipulate that specific Relatives & Close Associates (RCAs) of PEPs should be identified and monitored to the same extent as the PEP. |
| Special Interest Person / Entity (SIP/SIE) | Special Interest Persons/ Entities (SIP/SIE) are assigned this status by Dow Jones when accused, arrested or convicted of involvement with high level criminal activity. Association with these parties can represent reputational risk; however AML regulations do not specify a requirement to identify such parties at present. |
A list of addresses linked to the individual will also be included in the AML Check. You can click through to see more information on the address such as Electoral Roll details.
Details of the individual and associates on the electoral roll at the address will be included if there are any matches.
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