Argos KYC News & Insights

Anti Money Laundering(AML) Watch List Screening

When a KYC process is complete, Anti-Money Laundering(AML) Watch List Screening is done to distinguish personnel from the AML database. This checking process is conducted to verify the person who is going to onboard the business transaction is safe and free from any possibilities of money laundering. The AML database includes money laundering or terrorist financing risk profiles.

There are 7 categories in the AML database.

  1. Politically Exposed Person (PEP)
  2. Sanction (SAN)
  3. Regulatory Enforcement List (REL)
  4. Reputation Risk Exposure (RRE)
  5. Profile of Interest (POI)
  6. Insolvency (INS) (UK & Ireland Only)
  7. Disqualified Director (DD) (UK Only)

Each category has different risk levels, high, medium, and low. Businesses going through the KYC and AML check on the onboarding customer can define who can continue with the business. By doing so, client companies can remain safe with reliable customers. The AML watch list screening is done along with the KYC(Know Your Customer) process. Customers only do KYC, and the rest is done by identity verification solution providers like Argos KYC. With a single process, businesses can verify customer identities and check risk analysis regarding money laundering.

Argos KYC sets the AML watchlist screening in the threshold setting default number of 90. The number can be revised by client companies’ preference. The higher the number, the stronger the determination of any risk profile.

Stay compliant with the regulation but overall stay safe from any possibilities of anti-money laundering. Get the AML screening results promptly along with a KYC check. Let only the verified and reliable ones be your customer. Argos KYC supports your business to strive for safety. Identify anyone at any time anywhere with our seamless KYC process and AML screening.

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