Financial Sector

AML Compliance in the Financial Sector

Since the 9/11 attacks, banks and financial institutions have become a focal point for AML regulation globally. Regulators everywhere are requiring banks to establish AML compliance programs, and to put in place stringent measures against money laundering and terrorist financing. These regulatory demands have placed an enormous pressure on banks to ensure that they are not in violation of AML compliance standards. Banks are required to conduct KYC due diligence when onboarding new clients, and to review existing customers with the goal to identify customers that pose money laundering and terrorist financing risks to them.

World-PEP is designed to enable financial institutions check customer records against verified list of Politically Exposed Persons (PEP) and Specially Designated Individuals (SDNs). World-PEP has been developed to assist financial institutions in meeting their obligations under AML/CTF regulations in an efficient, user-friendly, and cost-effective manner. World-PEP is designed to reduce your institution’s potential exposure to PEP and KYC risk using a bespoke platform to provide up-to-date risk profiles of politically exposed persons and sanctioned individuals.

Banks

Banks are required to conduct PEP and Sanctions screening during the customer onboarding process.

Credit Unions

Credit Unions are required to conduct ongoing monitoring to prevent money laundering and terrorist financing.

Fintechs

Fintechs are required to implement stringent KYC processes to ensure that they know the customer they are dealing with.

Money Transfer Operators

Money transfer operators are required to check the identity of customers to ensure that they are not funding terrorist organizations.

Insurance Companies

Insurance companies are required to implement AML compliance standards to prevent money laundering.

Microfinance Banks

Microfinance banks are required to implement KYC processes to ensure that they know the identity of their customers.

See why many financial institutions rely on KYC E-Screening for PEP/Sanctions Screening?

World-Class Screening Solution for Multiple Industries

The KYC E-Screening solution is designed to be used by reporting entities in multiple industries.