Comprehensive screening & automated AML checks

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take action against money laundering

Are you meeting all the requirements needed to comply with anti-money laundering regulations?

identeco’s Know Your Customer [KYC] and Anti Money Laundering checks [AML] provide accurate and structured information to protect your business from financial crime. identeco’s AML service promotes best practice with continuous KYC monitoring checks - following our onboarding process, we will continuously monitor any files for changes in circumstances to keep you protected.

What is anti-money laundering?

Money Laundering is the act of a third party or organisation reinvesting money from an illegal activity into another financial transaction or business in order to 'clean' the funds. The Fifth Anti-Money Laundering Directive (5AMLD) is the latest directive in a process driven by intergovernmental lawmakers to tackle the issues surrounding money laundering. The scope of businesses required to run KYC and AML checks is ever widening but is predominantly businesses that work within the financial arena and manage large transactions of money, trading in high-cost products. Those that fall into the legislation include banking, payments, lending, insurance, crypto, investment, gambling, high-risk corporates, solicitors, accountants, tax advisers, insolvency practitioners, estate agents, letting agents and surveyors.

How can identeco help with my business stay compliant?

Global companies trust identeco to provide fast and accurate KYC and AML ID reporting data to enable our subscribers to authenticate client and owner's identities, in order to protect their businesses from risk. Using identeco's Alert Monitoring Tools can ensure a continuous and compliant monitoring environment is maintained at all times.

Anti-money laundering or Know Your Customer (KTC) – What do I need

In order to understand the level of reporting that your organisation needs, let’s clear up the difference between Know Your Customer checks and Anti Money Laundering.

Anti-money laundering is an umbrella term for the checks that a business must implement in order to ascertain that the third party is acting legitimately in the transferring of money. Know Your Customer is one of the components that can be applied to verify a client’s identity. It is a basic – but reliable – check of third-party identity.

For more detailed scrutiny, we offer two AML services – standard and enhanced.

Our three options of KYC or AML reporting are all priced competitively for our Business Support Toolkit subscribers and supplied in accordance with JMLSG (Joint Money Laundering Steering Group) guidance. Click here to download an example report

Click here to download an example report

KYC and AML Customer due diligence requirements:

• What customer due diligence is and when to apply
• Customer due diligence when you are establishing a business relationship
• When to apply customer due diligence for occasional transactions
• When to carry out enhanced due diligence
• Customer due diligence measures where your customer is another Money Service Business
• Internal controls and ongoing monitoring of your business

Although you may be an existing identeco subscriber, access to AML services is strictly monitored and you will have to confirm your access rights to the service by electronically signing our standard user agreement. Once completed your dashboard will be automatically updated to include the AML service.