What is AML and why is it required?
The AML stands for “Anti-Money Laundering”, and it is a set of procedures and regulations implemented by various financial institutions and authorities to detect and prevent the illegal conversion of illicit funds into legitimate sources within the financial system. The AML screening refers to the process of evaluating individuals, entities or transactions against a predefined global watchlists or criteria to identify any potential risks, matches, or inconsistencies and to prevent financial crimes like money laundering and financing fraud. The AML screening involves collecting various information about a given legal or physical person.
Secro performs the AML screening of its customers (legal entities) and users (physical persons) as part of the user and customer account set-up flow. Secro performs AML screening using third-party partner ShufiPro. AML screening is performed against 1700+ data sources from FATF, Interpol, UN HMT and others. A comprehensive screening covering sanctions and PEPs, relies on a watchlist databases that are updated every 15 minutes.
The primary purpose of the AML screening performed by Secro is to identify potential concerns or matches, inform customer or user of the screening results, reduce the risk of unlawful transactions and facilitate cooperation of trustworthy trading partners and individuals. This is part of Secro vision to build a Trusted Network of trading partners acting through verified individuals.
In summary AML screening is a crucial tool in protecting customers and users from the risk of potential money laundering, and safeguarding the integrity and trustworthiness of the Secro system. It plays a significant role in maintaining the trust and stability of the economy.
AML process on Secro
The AML verification is part of the customer or user account set-up flow, and it gets triggered automatically upon the successful completion of either KYB or KYC. AML screening is run real-time and it takes a few seconds to complete. The results are provided to Secro and customer or user instantaneously.
Comments
0 comments
Please sign in to leave a comment.