Instant AML Check – Simple & Effective

Background

An instant AML Check is an important part to comply with anti money laundering regulations globally and to make sure Customer Due Diligence and Enhanced Due Diligence are a paperless process with a technology first approach.

DX Compliance recently announce the newest Product CheckAML. CheckAML is an non industry specific Instant AML Screening Solution designed to help designated non financial businesses and regulated Financial businesses to perform checks on people and businesses for AML.

The idea of CheckAML was born due to market demand and a large customer group (the DNFBPs) who paid fine after fine and could not find a solution that is fit for their needs.

As the customer group is also price sensitive due to the high transactional cost the checks needs to be cost effective.

What is an instant AML Check?

An instant AML Check is an Check on people and/or businesses for Sanctions and Watchlists as well as Check regarding the PEPstatus (Politically Exposed Persons). With intstant AML Checks our product CheckAML also allows the user to create Risk Assessments based on the customers risk profile.

For which industries are instant AML Checks?

Instant AML Checks are important for every regulated industry as well as the designated non financial business providers like Law Firms, Accountants, Tax Advisors, Real estate agents, Asset managers as well as a fantastic support for the first Line of Defence of regulated financial institutions.

What Checks does an instant AML Check include?

• Sanctions Check: Checking customers and businesses for sanctions based on sanctions lists.
• Pep Checks: Check your customers in relation to Politically Exposed risks and beneficial owner.
• Risk Assessments: With the DX CheckAML Riskengine you can run Risk Assessments on people and entities in seconds.

Ongoing Monitoring

Monitoring customers on an ongoing basis doesn’t need to be manual!

With CheckAML you can re-run searches as well as you can automate ongoing Monitoring on a customer timeframe that runs from daily checks to quarterly checks. This allows our customers to implement real time updates into their risk based approach for Ongoing Client Monitoring.

What are the advantages of an instant AML Check?

CheckAML brings several advantages with it. One of them is the intuitive interface – our system works for you! The program is very easy to use and if you have any questions, please feel free to contact our team.

Moreover, by using CheckAML you access smart real-life data. This access to global AML Sanctions and Pep Data is important in a connected world. Use data from over 150 sanctions lists, in real-time. With continuous updates.

In addition, you can use CheckAML around the clock. There is 24/7 access.

And lastly the most important aspect: Comply with AML regulations and laws is important, together with applying a risk based approach and determining the risk levels of a customer.

How much does an instant AML Check costs?

With CheckAML we have two possibilities. You can run a pay-as-you go search that starts at 0.99 Euros. This is the price per search. A Monthly Subscription is available for 599 Euros for an Unlimited search amount.

More information can be found here.

Summary

Ad hoc and instant AML Customer Screening is important to perform a risk-based approach. With CheckAML we’ve got you covered.