AML compliance standards extend beyond the financial sector. Non-financial institutions are also required to put in place stringent AML standards to prevent money laundering and terrorist financing. The non-financial sector is often used by money launderers to legitimize their activities. The non-financial sector provides professional services that are typically relied on by criminals to commit money laundering. Some of these professional services include real estate agents, travel agents, car dealerships, casinos, law firms, accounting firms, consulting firms, jewelers, NGOs, shipping agents, art collectors, broker-dealers, trust and corporate services. These professional services are used by money launderers to make their activities appear legitimate.
KYC E-Screening is used by professional service providers to carry KYC due diligence on their clients. KYC E-Screening is a quick, easy, and affordable way to carry out screening on new clients. It allows professional service providers to determine if the person they are dealing is a PEP, associate of a PEP, sanctioned individual, fugitive or listed on any wanted list. This gives peace of mind to professional service providers to let them know that they are doing business with people who do not carry AML risk. The KYC E-Screening system can be used as a stand-alone or integrated into existing systems.
The KYC E-Screening solution is designed to be used by reporting entities in multiple industries.