AML and KYC compliance services

AML Compliance, or Anti-Money Laundering Compliance, is a set of measures and policies aimed at detecting, preventing, and responding to potential instances of financial crime, such as money laundering and terrorist financing. The primary goal of AML policy is to prevent the use of the financial system for the legalization of illegally obtained income.

For this purpose, AML compliance is applied, which includes client verification, monitoring of financial transactions, and investigation of suspicious financial activities.

AML and KYC compliance are an integral part of the financial sector; they are applied in banks, insurance companies, exchanges, payment systems, and other institutions dealing with financial flows. These procedures include:

• Customer identification: Verification of personal data, documents, and income sources to establish the true identity of the customer.
• Monitoring of financial transactions: Detection of unusual or suspicious transactions that may indicate financial criminal activity.
• Customer risk assessment: Analysis of clients for risky behavior and potential money laundering.
• Documentation retention: Storage of all necessary documents and records that confirm the conducted checks.

Thanks to these procedures, AML (Anti-Money Laundering) should detect all illegal actions related to money laundering, such as transferring large sums of money without legitimate confirmation, opening accounts under false identities, using accounts to store illegally obtained funds, using fictitious companies or individuals, funding terrorism, and more.

Mandatory compliance is applied by financial institutions and other organizations subject to anti-money laundering legislation. This includes banks, insurance companies, brokerage firms, payment systems, and other organizations involved in financial operations. However, such procedures can also be applied by other organizations that wish to cooperate only with legitimate funds and trustworthy partners.

Companies that implement AML and KYC Compliance in their operations enjoy several benefits, including:

- Prevention of money laundering and terrorism financing.

- Protection of clients from fraud.

- Enhancement of the organization's reputation.

- Reduction of the risk of fines from regulators.