Anti Money Laundering (AML) Definition (2024)

Importance of research to prevent money laundering

TheMoney Laundering and Terrorist Financing ( Prevention) Act(WWFT) - ananti-money laundering act was created to prevent money laundering that finances terrorism.Pursuant to this Act, financial institutions must report suspicious transactions or unusual activity, but not report this - whether intentionally or not - and may be sanctioned. TheUnited States Department of the Treasuryis fully dedicated to combatting all aspects of money laundering at home and abroad, through the mission of the Office of Terrorism and Financial Intelligence (TFI).

In addition, you are obliged to do aUBOcheckregularly: who is the Ultimate Beneficial Owner of a company?

It is therefore very important that you regularly research partners, suppliers and customer identification ensuring adherence to anti money laundering regulations,anti money laundering policy and compliance programs using due diligence software.Nexis Diligence+is a risk and compliance check tool that gives you the opportunity to screen individuals and organizations to take financial action.Enter the name of the organization or person and search the database for financial statements, suspicious transactions, past crimes, adherence to compliance laws and regulations,violations and more.This ultimately gives you a professional and safe audit trail.

Nexis Diligence+ offers:

Company information and Profiles
Access to more than 400 databases and more than 200 million international, listed and private companies.

Sanction, PEP and Watchlists
To ensure that your organization does not work with a 'blacklisted' company, screen the company against all international sanctions, watchlists (1400 from more than 80 countries) such as OFAC, HM Treasury, FBI, UBO- data and more 800,000 PEPs (Politically Exposed Persons) with the help of duediligencesoftware;