Money laundering is a major financial crime in the world. Money laundering is the process of making large amounts of money generated by criminal activities it appears to have come from a legitimate source. Anti Money Laundering means the prevention of money laundering. Anti-money laundering (AML) refers to procedures, regulations and laws that prevent the laundering of money from illegal activities such as fraud, bribery, drug sales.
There are global and local regulators established in the world to prevent financial crimes. Each country has many AML policies. Companies must comply with these AML regulations. AML compliance is a very complex process for companies. Companies have AML compliance departments that ensure AML compliance.
Financial institutions play a very important role in the world of financial crime. If financial institutions do not comply with regulations, financial crimes will continue to increase. 2-5% of GDP is money laundered through the financial system. In addition, regulators impose various penalties for companies that do not comply with the regulations. It can sometimes be complicated for companies to comply with AML regulations. AML regulations are constantly updated. With increased audits and penalties, companies must give more importance to compliance with these regulations. The value of AML penalties in 2018 was $ 4.27 billion. At the end of 2019, penalties are expected to increase by 2-3 times compared to 2018. Most of the institutions receiving these penalties are banks.
Sanction Scanner provides AI-Driven enhanced global sanction & PEP screening services to support your compliance processes. With Sanction Scanner, you can perform your AML Check on individuals, companies, aircraft and vessels. You can submit all your queries as GDPR-compliant evidence in audits.
• Sanction Scanner’s database consists of over 1000 Sanctions, regulatory and law enforcement and other official global and local sanction and pep lists, including those issued by the USA, UK, UN and other global major and minor government departments.
• Sanction Scanner’s lists are compatible with all regional sanctions, CTF and Anti-Money Laundering requirements.
• You will be using real-time data, always.
• We have a powerful API for you. You can integrate it very easily. Also, we have developer-friendly, flexible and transparent, full supporting documentation for you.
• Sanction Scanner can work with APIs and Web/Mobile Screens.
• Sanction Scanner allows searching with an individual's name, identification number or passport number.
• Sanction Scanner works AI-Driven with some special algorithms.
• Reduce false positives