What are Anti-Money Laundering (AML) checks?
AML checks are identity examinations performed to ensure:
- All of the investors are who they say/ claim to be,
- And to ensure that they are not investing for someone else or on their behalf.
Facts about Anti-Money Laundering (AML) checks:
- In most cases all the checks are done via electoral data and completed in the background.
- Identifying money laundering tactics and reporting the, are an obligation under the AML regulation laws that all business and financial institutions should be taking.
- When taking upon a client for the first time the company must assess the customer’s behaviour to determine any suspicious activity being taken place during the time period.
- It is significant for some industries like housing, law, and accountancy etc to carry out AML checks.
- Those who do not comply with these regulations are getting handed fines as a consequence.