AML compliance
How do you ensure that you meet all your “know your customer” and AML (Anti-Money Laundering) requirements in an increasingly virtual business world?
How do you make sure that your customer’s first experience isn’t of an organisation that seems to assume he is a potential money launderer or fraudster?
The UK's stringent AML guidelines recommend a risk-based approach to money laundering prevention. GB's solutions for identity verification have helped businesses significantly reduce the cost of compliance and fight the growing menace of identity fraud. Regardless of where your business operates, GB's ID verification services, URU and ID3 Check, offer compliant solutions that map onto your business’ own risk strategy and identify money launderers or other financial criminals and prevent gain through identity-related crimes. URU and ID3 Check provide searches against the widest possible range of identity information and can even cross-reference your own known “black lists” to provide the ultimate assurance that your customers are who they say they are.
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To compete in the new digital economy and still remain fully compliant, organisations needs to take an electronic, risk-based approach to anti-money laundering.
How do you ensure that a potentially profitable customer relationship is not tainted by an apparent initial assumption that the customer is a criminal? The UK's stringent Money Laundering (ML) guidelines not only allow for electronic ID verification as part of the ‘know your customer’ process but also recommend a risk-based approach to money laundering prevention. The majority of customers are not terrorists or drug dealers - so don't treat them as such!!
With GB’s AML solutions you can define business rules that allow you to assign higher degrees of risk to certain customer groups, channels or products. So, if you know that customers from the West African states pose a real risk of money laundering, you can immediately impose a more stringent AML check including cross referencing documents such as a passport or driving licence.
And all AML checks are recorded and stored in a secure online Audit Trail for you to access at any point to prove what checks have been done – by whom - and the results of each.
"The fraudulent documents we receive today are so sophisticated that it is virtually impossible for staff to distinguish them from the genuine article. That's why the market needs solutions like URU.... For Cattles plc, URU represents confidence - in our processes, our people and our customers." Reputational Risk Manager, Cattles Group plc
Click on the PDF icon to download our information sheet on how ID3 technology helps to support a risk-based approach to AML.
Click here to view some of our client quotes regarding identity verification and AML compliance.
To speak to a member of the GB team please call 0845 838 1000, email marketing@gb.co.uk or fill in our online enquiry form.
View the products for AML compliance