Money laundering is a serious financial crime worldwide, therefore countries have strict laws and regulations. Money laundering is a complex process of converting illegally obtained money into legitimate money. It is challenging to recognize or track it, as many people are involved in money laundering because it is completed in various phases.
Let’s look at the money laundering cases worldwide that describe a clear picture of financial crimes, and they are as follows:
- Wirecard’s €2.1 billion accounting hole in 2020 exposed financial oversight weaknesses and potential digital payments manipulation, resulting from years of revenue inflated.
- Nauru’s Shell Banks case (2018) highlighted the risks of weak regulations in some jurisdictions, as the island was used as a base for shell banks facilitating $70 billion in laundering activities.
- The CEO of LVMH, Bernard Arnault, is under investigation in France for alleged money laundering and tax evasion, highlighting the potential vulnerability of large corporations.
- In a European Parliament corruption scandal, the Bank of Valletta, Malta’s largest bank, was implicated in laundering funds from Azerbaijan for bribes and kickbacks.
- Between 2007 and 2015, billions of dollars were reportedly deposited through the Danske Bank Estonia Branch, leading to fines and lapses in anti-money laundering controls.
The above money laundering cases clearly explain why AML solution is essential to combat money laundering for financial and non-financial businesses worldwide. Companies and organizations perform AML checks to determine the business identities of the industry and whether they are involved in money laundering.
What are AML checks?
AML checks are a process of authentication during the client onboarding process; they ensure a genuine identity is maintained. Anti-money laundering checks help to recognize suspicious identities and provide an alert to businesses. It helps to evaluate the business risk based on the involvement in money laundering and safeguard the company against this insidious threat.
Businesses where AML solutions are Imperative:
Anti-money laundering solutions play a crucial role for financial and non-financial businesses worldwide. Financial companies don’t want to bear financial losses, so they prefer more AML solutions to combat money laundering.
Banks: The banking sector is the most active worldwide financial industry. Banks must follow the KYC and AML compliances for seamless client onboarding and operational processes; AML companies help ensure compliance needs. AML software allows one to check the client’s background during the loan approval process and another banking process. It assists in authenticating identities quickly and securely and delivers an accurate result that works for business risk evaluations and decisions. Banks do real-time AML verification during and even after the onboarding process to enhance their high-risk clients’ due diligence processes.
Financial Institutions: Financial institutions do AML checks to check the background history of the business clients during the onboarding process. They perform AML verification to achieve compliance with legal requirements and actively monitor suspicious activities. AML verification system helps financial institutions collect business customer information, monitor and screen their transactions, and report suspicious activities reports.
Fintech: Fintech is an online payments business where many money transactions are executed every day by users and business identities. It is essential to check real-time identity verification and transaction monitoring. The AML verification system assists with AML checks and recognition of suspicious activities and delivers accurate results.
Insurance: Insurance is a financial business where companies verify identity to minimize identity fraud and check the background history to check insurance business risk. Identity fraud and theft are standard issues in insurance, but KYC and AML checks assist during the initial client onboarding and insurance claims. It mitigates financial risk and protects the insurance customer and business from fraud.
Cryptocurrency: Cryptocurrency is a digital currency business where no central bank or government authority is involved in regulating it, so financial risk is also high. AML API checks the identity and verifies the identity of the buyer and seller. It helps build secure business trust and prevents suspicious and financial criminal identities.
These financial businesses are the economy of any country. For secure business, identity verification is a crucial step that helps in recognizing the money launders and identities with financial criminal records. AML solution providers are helpful and provide AML API to authenticate identities that assist in seamless client onboarding and good customer experiences of secure business in the digital landscape.
Reliable and Trusted AML Providers:
Various AML service providers can proactively work with and help financial businesses worldwide in the digital age. Some are new to the identity verification industry, providing solutions for businesses and making a presence within the country and worldwide.
AML Austria: AML Austria is an Austrian KYC AML solution provider that offers AML API to verify business identities and ensure AML compliance.
Specialty:
API: They have their own AML API to authenticate business identities securely and accurately.
Well-versed with Austrian Compliance: They know Austrian AML regulations and authenticate identities accordingly.
Demo: They demo their AML API to understand the functionality and their prospective reports.
Customer Support: AML Austrian provides good customer service and helps its customers when they face difficulties.
AML Croatia: AML Croatia is a trusted and reliable AML solutions provider that provides APIs for financial and non-financial companies.
Specialty:
Customized Solutions: They provide customized identity verification solutions, including KYC verification, video KYC, ID verification, document verification, AML verification, business verification, PEP, and sanction list verification.
Advanced technology: Their AML API leverages advanced technology and helps businesses stay ahead of the curve in the digital age.
Well-versed with Croatian Compliance: As a Croatian AML company, we are well-versed with financial regulatory regulations and ensure AML compliance for companies during onboarding.
Advanced Security: They help build an advanced security system that doesn’t allow access to sensitive information from unauthorized identities.
AML Finland: AML Finland is a trusted AML company for Banks, financial institutions, insurance companies, fintech companies, cryptocurrency, online gaming companies, and other businesses in Finland.
Specialty:
Seamless Client Onboarding: Their AML API is designed for financial businesses and allows seamless client onboarding.
Accuracy: AML Finland’s API verifies identities quickly and delivers accurate results for Finland Businesses.
Financial and non-financial Industry solutions: AML Finland provides AML solutions for financial and non-financial industries.
Ensure Compliance: They are a trusted AML company in Finland, ensuring KYC and AML compliance for companies.
AML Norway: AML Norway is one of the leading AML solutions providers for Business in Norway and helps with an API for background verification of the client.
Specialty:
Background Checks: AML Norway assists in background checks for financial companies operating their businesses in Norway. AML Norway is a preferred choice of bank and financial institution.
Highest match Rates: AML Norway’s API quickly authenticates identities with the highest matching rates and delivers accurate verification results.
Complete Identity verification: They provide a complete identity verification solution that meets the business needs.
Complete Fraud Prevention: They verify identities via various PEP and sanction lists and deliver complete reports to prevent fraud.
AML Ireland: AML Ireland is a trusted and reliable AML company that assists in identity verification and fraudless business.
Specialty:
Various verification methods: They provide various verification methods to authenticate identities and provide solutions according to the business need.
Comply with Regulations: AML Ireland ensures financial regulatory regulations and prevents regulatory penalties.
Fully AI API: Their AML API leverages entirely artificial intelligence and helps to be advanced in the digital landscape.
Risk Mitigation Approach: AML Ireland’s identity verification solutions are designed to mitigate the risk for companies and help prevent fraud.
These AML companies are reliable AML partners in combating money laundering, terrorist financing, tax evasion, illicit funding, and other financial crimes in the digital world. Therefore, safeguard your business from financial criminals by implementing robust AML compliance solutions in your organization and stay ahead of the curve. It is a compliance tool necessary for a safe and secure business.
In today’s world, robust security systems matter greatly for small, medium, and large businesses. It is essential to have an AML solution system that helps combat money laundering according to business needs. Money laundering is a complex challenge for everyone in the business, but you can build a shield that protects you from financial criminals. By staying vigilant and leveraging technology, economic and non-financial companies can become a formidable force against money laundering, ensuring a more secure financial future globally in the digital business.