AML compliance
Global Anti-Money Laundering legislation (AML) imposes a direct obligation on regulated sectors to report any suspected money laundering activity. Carrying out Anti-money Laundering (AML) checks is often perceived as confusing, time-consuming and costly. The requirement for businesses to be able to highlight a greater degree of association and coverage with individuals identified as 'politically exposed' makes the process even more cumbersome. Businesses require sophisticated solutions to optimise identity verification processes.
So how do you ensure that you meet all your KYC and AML requirements in an increasingly virtual business world and that you ensure that a potentially profitable customer relationship is not tainted by an apparent initial assumption that the customer is a criminal?
GB Group's ID3global has helped businesses significantly reduce the cost of AML compliance. Regardless of where your business operates, ID3global offers a compliant solutions that map onto your business' own risk strategy to identify potential money launderers or other financial criminals.
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GB Group's ID3global, provide searches against the widest possible range of identity information and 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.
All AML checks are recorded and stored in a secure online Audit Trail for you to access at any point to prove what ID checks have been done - by whom - and the outcome of each.
To meet global compliance requirements ID3global offers:
- A full and robust AML check in line with global requirements and based on the recommended risk-based approach Increased transparency of the compliance process, with a full audit trail demonstrating exactly what checks have been taken place, and the results of those checks
- A streamlined process which removes the risks inherent in manual, paper-based checks and reduces the cost
- A positive customer experience resulting in better acquisition rates and repeat business
- Compliance with data protection, the core data that a consumer's personal data is checked against is never revealed during the process
This means we can help your business comply with a wide range of AML legislation, including:
- 3rd European Money Laundering Directive
- Proceeds of Crime Act (UK)
- Patriot Act (USA)
- Sarbanes-Oxley (USA)
- Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Australia)
"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 ID3global.... For Cattles plc, ID3global represents confidence - in our processes, our people and our customers."
Reputational Risk Manager, Cattles Group plc
Click the pdf icon to read the ID3global product brochure
To speak to a member of the GB Group team please call 0845 838 1000, email marketing@gb.co.uk or fill in our online enquiry form.
View the products for AML compliance