Globally, regulatory bodies of financial institutions have made AML as well as CFT (Combating the Financing of Terrorism) mandatory to reduce the risks of Banks and other financial institutions from supporting terrorism and any sort of financial crime. KYC (Know Your Customer) is a part of AML. Banks having a good AML compliance keep the KYCs always updated. This also supports to improve the reputation of the Bank.
Money laundering is a serious financial crime that can make a large amount of black money produced by criminal activity, such as drug trafficking or terrorist funding into white money by passing it through a complicated flow of banking transfers or financial transactions. The general scheme of this process returns white money to the launderer in a complex and obscure way.
Both financial institutions and governments are consistently attempting to find a way to battle money launderers, therefore anti-money laundering policies have been put in place to help this effort. Anti-money laundering is a set of laws, regulations, and methods intended to prevent, detect, and report the money-laundering activities. AML includes the three F's: finding, freezing, and forfeiture of criminal assets.
Impacto AML solution helps onboarding new customers, updating the eKYC of existing customers, third party risk management, political exposure, etc., It also helps to uncover reputational issues, such as fraud, violent crimes, money laundering, etc.,
Our AML consists of the following:
