Anti-money laundering (AML) refers to a set of procedures, laws and regulations designed to stop criminals from generating income through illegal actions. Directives such as the Bank Secrecy Act (BSA) in the U.S. require financial institutions to prevent, detect, and report money laundering activities. Though anti-money laundering laws cover a relatively limited number of transactions and criminal behaviors, their implications are far-reaching. AML screening software lets companies meet their regulatory requirements by helping to keep money launderers away.
AML regulations require financial institutions issuing credit or allowing customers to open accounts to complete due-diligence procedures to ensure they are not aiding in money laundering activities or financial crimes. These companies must practice enhanced due diligence and ensure their customers are not taking part in a money laundering scheme. They must also verify where large sums of money originated, monitor financial transactions and report suspicious activity.
Jumio provides an end-to-end platform that helps you meet your regulatory obligations and mitigate AML risk throughout the customer journey, from onboarding to ongoing monitoring.