Anti-Money Laundering (AML) screening is one of the methods used for risk assessment of a company’s existing or potential customers under AML guidelines.
With AML screening, businesses ensure that their existing or potential customers are not present in any of the sanctions lists, PEPs, banned or wanted lists, and adverse media data. Performing screening of your customers is the main element of the AML compliance program.
AML screening is performed to fulfil three main objectives.
People having their names in sanctions or any other wanted lists are high-risk customer profiles for businesses, especially those in PEPs (Politically exposed persons) list. PEP individuals have higher opportunities for financial crimes including corruption and bribery than others. Therefore, banks and financial institutions are required to perform the screening of each customer, so they can identify high-risk clients and abstain from doing business with them.
Businesses can create an AML Control Program when they first open an account to a customer based on their risk levels by scanning them in more than 6000 Global Sanctions lists, PEPs Lists, and Adverse Media Data are updated every 15 minutes.
Businesses can perform PEP, Sanction Remittance, Payment, Vessel, and Aircraft
Screening using AML Name Scanning Software.
They can also check Ultimate Beneficial Ownership for their companies. Screening and check operations can be performed single or batch with options such as Name, Identity, and Passport Number.
Businesses can plan the control period according to their customers’ risk levels with Automated Daily Ongoing Monitoring. All customer-monitoring checks are performed automatically. As a result, Automated Daily Ongoing Monitoring protects your businesses from risks.
Businesses can integrate to Monsters AML/API into their system within hours. It supports all the features of our AML solutions. We automate your business’ AML control process with a powerful API to reduce your workload. Monsters AML/API provides two-way data transfer between Monsters AML System and your business's system.
Businesses can scan their customers with any alphabet using our Name Screening software. Monsters AML system can translate results into many languages.
Businesses must check their high-risk customers to meet AML Compliance
Automated Daily Ongoing Monitoring checks high-risk customers on Sanction
and PEP lists periodically.
Monsters AML system can be integrated with (Dow Jones, Reuters, UN sanction list, PEPs, and OFAC Watchlists).
Businesses can change the period of auto-scan according to their customers’ risk levels. Reduce false positives by choosing the data (Sanctions, PEPs, Watchlists) you want to scan your customers with.
Businesses can manage their scans with automated daily ongoing monitoring case management. Businesses can change the scanning period of a customer and view the results history.