Automated AML Screening to Prevent Money-Laundering and Financial Crime
Incorporating Anti-Money Laundering (AML) screening in the form of Politically Exposed Person (PEP), Sanction and Adverse Media checks reduces risk for your business and helps prevent financial crime. Often the challenge for financially regulated businesses is balancing regulatory compliance and these fraud prevention measures with a simple, convenient customer onboarding journey. With ID-Pal, organisations can seamlessly integrate PEPs & Sanctions checks and Adverse Media screening into their Know Your Customer (KYC) and identity verification process, while offering their customers an award-winning experience.
What are PEPs and Sanctions?
Under Anti-Money Laundering regulations, businesses such as financial institutions and other large corporates must complete PEPs and Sanctions screening as part of their Know Your Customer (KYC) process. Failure to have adequate risk-based procedures in place can lead to substantial fines for the business.
What is a PEP?
A PEP is a Politically Exposed Person. These individuals represent a higher level of money-laundering risk due to the fact that they, or someone close to them, hold a prominent position that makes them more vulnerable to negative influences such as bribery or corruption. Screening for PEPs enables businesses to identify these high-risk customers, thereby ensuring robust AML compliance measures are in place.
What are Sanctions?
Sanctions are restrictions placed on countries, businesses or individuals to prevent them from engaging in certain activities. As part of AML regulations, businesses are required to check Sanctions Lists prior to working with new customers to ensure that they do not work with sanctioned individuals.
How ID-Pal Helps with PEPs, Sanctions and Adverse Media Checks
ID-Pal takes a complex AML screening procedure and simplifies it for businesses, seamlessly delivering global and local PEPs, Sanctions and Adverse Media Checks . The ID-Pal screening process also significantly reduces false positives by leveraging a unique blend of biometric, document and address e-verification checks.
Businesses can choose from a combination of PEPs and Sanctions Screening, Adverse Media Checks and Ongoing monitoring, with the ability to easily customise the frequency of the monitoring.
Continue to verify customer identities in real-time to drive acquisition, while enhancing measures that protect your business from fraud.
Robust Fraud Protection
It’s easy to protect your business from fraud and prevent financial crime by incorporating PEPs and Sanctions checks into your onboarding journey.
Adjust your PEP screening settings to account for high, medium and low risk candidates and ensure dynamic AML screening at all times.
AML Screening for Businesses of Any Size
ID-Pal’s AML Screening solution is available as an API for businesses that need seamless integration with existing processes and systems. Ensuring a smooth, friction-free process for the business as well as the end-user.
Small / Medium-Sized Businesses
For businesses with smaller budgets and reduced technical resources, ID-Pal offers an out-of-the-box SaaS solution for PEPs and Sanctions checks that can be up and running in minutes. No resources or development required.
ID-Pal verifies that your customer is who they say they are by leveraging industry-leading technologies for an award-winning experience.
Each document is submitted to a suite of rigorous technical checks to ensure it has not been forged or tampered with.
Facial Matching Biometrics
Comprehensive 50-point biometric facial comparison ensures that the true owner of the identity document is present.
ID-Pal’s Passive Liveness software is iBeta Level 1 and 2 assured. Highest level of security for your business and minimal effort for your customers.
Data-base matching of customers’ name and address provides additional level of fraud protection.
We went live in under an hour with ID-Pal, it was even easier to implement than imagined. Using ID-Pal mirrors the deVeres experience: trustworthy, easy and reinforces the priority we place on security and compliance.