An AML check typically involves verifying a customer’s identity and assessing whether the individual or entity poses a financial crime risk. AML checks usually include:
- Identity verification
- Proof of address verification
- Sanctions screening
- Politically Exposed Persons (PEP) checks
- Adverse media screening
- Customer Due Diligence (CDD)
- Source of funds verification
- Ongoing transaction monitoring
The level of AML checks required depends on the risk profile of the customer, the nature of the business relationship, jurisdictional exposure, and regulatory obligations.
