Anti-money laundering & counter terrorism funding
PwC estimate that as much as 5% of global GDP is generated through illegal activity - approximately $1-2 trillion annually. This then needs to be 'laundered’ to get the money to flow through into the legitimate economy.
of financial services organisations have problems with AML data quality
lost through global money laundering transactions every year, equal to 5% of GDP
projected growth rate for global spending on AML compliance from 2015 to 2017
A significant share of this goes towards funding terrorism, further fueling fear and insecurity. Anti-money-laundering (AML) regulations exist in the majority of countries, particularly those committed to adopting the standards set by the international Financial Action Task Force (FATF).
The recommendations from the Financial Action Task Force (FATF) are seen as best practice, and approval from FATF is a rubber stamp of approval to a country's AML regulations.
FATF carry out ongoing Mutual Assessments and recommend changes to improve AML practices on a global basis. The challenge for a regulated business is how to keep up with this changing landscape and stay compliant without having to constantly re-engineer its customer and employee processes.
Global data sources
Our reference data sources cover key markets across the globe and help you adhere to the most stringent standards.
The technology is available to integrate directly into your own systems via API.
Automated AML checks
We’ll reduce your reliance on paper-based ID checks, removing the risks (and costs) associated with manual checking.
All our AML checks include worldwide PEPs and Sanctions screening.