Anti-Money Laundering (AML) is a set of laws, regulations, and procedures designed to prevent bad actors from disguising illegally obtained funds as legitimate income. The laws that fall under the AML umbrella typically cover a somewhat limited range of nefarious behaviors, activities, and transactions, but the implications of AML regulations help to ensure that financial institutions, banks, Fintechs, cross-border payments providers, and others follow anti-money laundering rules in an effort to ensure that these businesses are not unwittingly aiding in the laundering of money here in the US and abroad.
AML works by targeting nefarious activities such as tax evasion, market manipulation, and a host of methods used to conceal crime and the monetary rewards of criminal activity. By making it more difficult for bad actors to hide their ill-gotten gains, and by requiring financial institutions to monitor all customer transactions (and report any that is suspicious), AML makes it harder for criminals to deposit — and therefore launder — money they have illegally obtained. IdentityMind’s Superior AML solution allows you to ensure compliance while also protecting you against fraudsters and money launderers through the use of digital identities, which provide greater accuracy in identity verification.
Our AML compliance solution uses a risk-based approach preferred by regulators, contextual analysis for greater accuracy, and a highly configurable, standards-based platform, making it possible for you to get started quickly and efficiently. Our Superior AML solution uses digital identities to understand whether the person on the other end of the transaction is real or not, whether the identity is authentic or synthetic, and whether or not the PII provided belongs to the user, thereby allowing you to determine whether or not you can do business with the individual in question.
Our AML solution also offers matching, fuzzy matching, and continuous monitoring of users against sanctions and Politically Exposed Person (PEP) lists, to ensure you’re always doing business with trustworthy individuals.« Back to Glossary Index