AML Checks

Anti-money laundering (AML) checks are critical for regulated industries—they need systems and procedures in place to perform them. If they don’t, they could face reputational damage, a fine, or at worst a jail sentence.

But the increasing complexity and cost of meeting the ever-evolving anti-money laundering regulations makes it difficult to maintain a watertight AML regime.

Red Flag Alert’s AML checks allow firms to monitor for suspicious behaviour without disrupting their everyday commercial activities.

Free AML Checker

Perform Enhanced Anti-Money Laundering Searches to Remain Compliant

Red Flag Alert also allows you to quickly conduct enhanced due diligence checks. We allow you to instantly check if your clients are on international databases of politically exposed persons or sanctions lists.

This protects your business from getting involved in terrorist financing or other international financial crime.

We also provide the data you need to perform risk assessments to decide whether to approve high-risk customers.

Fast and easy digital verification

Quickly onboard each new customer by allowing them to perform self-service digital identity checks using their device.

Detect any risk

Our data is from UK and international sources and includes information on ultimate beneficial owners, corporate family trees and PEPs and sanctions lists.

Real-time updates

Our data is updated in real-time, so you can monitor changes to customer risk profiles. Set up monitoring alerts so you know as soon as something changes.

Demonstrate AML compliance

Your entire workflow is stored in the cloud, so it’s easy to prove AML compliance and quickly provide records to regulators during audits.

How It Works

Using our platform, your business can perform UK and international AML checks easily and quickly.

Email your customer

You email the customer a link to our self-service digital identity verification system. The customer opens it using their own device and follows the simple instructions. They need to have an official document like a passport to hand to do this.

Verify details

Next, we compare the customer information against the electoral register and credit databases to verify their address and other details. We provide an immediate warning if there are any mismatches.

Ongoing monitoring

If the customer is approved you can set up monitoring alerts so you know whenever their risk profile changes. You should also re-check each customer at least once every six months.

If you get audited by the regulator you can instantly produce anti-money laundering records for every customer. You can also show them the data sources you used to prove customer identities.

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Comprehensive business intelligence

AML Checker Tool

See how our digital checks work

Single Check
Bulk Check

Check Options

Select type of check to perform

Reference

Personal information

Enter the personal information of the applicant

Sex

First Name *

Last Name *

Email *

Title

Middle Name(s)

Date of Birth

Mobile Number

Message to Customer

Check Options

Select type of check to perform

Reference

CSV File
Download Sample File

Frequently Asked Questions About AML Checks

What is an AML Check?

AML checks help prevent legitimate businesses from supporting criminal activity to launder money. They are a legal requirement for any industry that is regulated by anti-money laundering laws.

How long does an AML Check take?

Standard AML checks take around 10 minutes to complete and, if there are no complications, a customer can be approved immediately.

Enhanced due diligence can take longer (at least a day) as you have to assess the level of AML risk the client poses to your business.

What are the AML Check requirements?

A basic AML check involves you identifying your client using photographic ID such as a passport or driver’s licence. You then use electronic verification to confirm their identity and their address. You should also re-check existing customers regularly.

Enhanced due diligence involves checking whether the customer is on international PEPs and sanctions lists and taking a risk-based approach to deciding whether to work with them.

What does AML stand for?

AML stands for anti-money laundering. It refers to legislation that requires businesses in certain industries to have systems and procedures in place to check their clients’ identities. If a business detects what it believes is suspicious activity they are required to reject the customer and send a suspicious activity report to the National Crime Agency (NCA).

What does AML legislation in the UK cover?

A person commits a money laundering offence when they conceal, disguise or transfer criminal property, or remove criminal property. It also applies to persons who are involved in something that they know or suspect facilitates the acquisition, retention, use or control of criminal property on behalf of another person. It also applies when someone acquires, uses or has possession of criminal property.

What is the difference between AML and KYC?

A company’s anti-money laundering regime is the framework of systems and procedures that companies need to have in place to comply with economic crime legislation.

Know your customer (KYC) procedures form one of these systems. A know your customer check is when you collect information on customers and verify their identities. If you don’t perform adequate know your customer checks, you won’t have adequate anti-money laundering systems.

Who needs to perform AML Checks?

Certain sectors are more at risk of facilitating money laundering than others. These sectors are subject to anti-money laundering requirements. Examples of these regulated sectors include:

Money service businesses
Financial institutions
Solicitors
Tax specialists
Accountants
Estate agents
Art dealers
Lettings agents

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Conduct Efficient AML Checks Using Red Flag Alert

Remain compliant with AML regulations and have a complete audit trail to protect your business and reputation.

Book a demo to Red Flag Alert platform is the cost-effective solution your business needs, today.

AML Checks