What is Anti Money Laundering (AML)?

Anti Money Laundering (AML), also known as anti-money laundering, is the execution of transactions to eventually convert illegally obtained money into legal money. Although you as a company stick to the rules, this does not mean that your partners and business associates  adhere to the same AML compliance laws as you. Particularly in international business, you run the risk that the companies or individuals with whom you do business are not in compliance with the regulations set by the government. Conducting a  due diligence investigation on your partners, suppliers but also customers is therefore essential.

Anti Money laundering laws or AML legislation is becoming increasingly strict for financial service providers. They must be prevented from financial crimes and / or terrorism.

Importance of research to prevent money laundering

The Money Laundering and Terrorist Financing ( Prevention) Act  (WWFT) was created to prevent money laundering that finances terrorism. Pursuant to this Act, financial institutions must report suspicious activity or unusual transactions, but not report this - whether intentionally or not - and may be sanctioned.

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

It is therefore very important that you regularly research partners, suppliers and customers ensuring adherence to aml regulations. Nexis Diligence is the tool that gives you the opportunity to screen individuals and organizations. Enter the name of the organization or person and search the database for financial statements, past crimes, adherence to complaince laws and regulations 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);

Negative news check
Check companies by searching over 60,000 national and international news sources, including newspapers, blogs and online news.

Legal database
Search our powerful legal database for international cases and judgments;

Biographies
Dig deeper into a person's background. Search resources such as Gale Biographies, SGA Executive Tracker, Professional Contacts, The Complete Marquis Who's Who Biographies, and The Official Board Biographies.

Frequently Asked Questions

Answers to some popular questions

What is Anti Money Laundering (AML)?

Anti Money Laundering (AML), also known as anti-money laundering, is the execution of transactions to eventually convert illegally obtained money into legal money. AML legislation is becoming increasingly strict for financial service providers. They must be prevented from financing money laundering and / or terrorism. Read more

What is the Importance of research to prevent money laundering?

Almost always, money that is laundered is usually sourced from criminal activities. This money makes its may to banks in different countries creating a gap in the economy or the money is used to fuel criminal activities, terrorism etc. Hence, it is extremely crucial to prevent Money laundering and monitor and any discrepancies in company or individual finances. It is therefore also important that you regularly research partners, suppliers and customers. Read more

What is anti money laundering act?

The Money Laundering and Terrorist Financing ( Prevention) Act  (WWFT) was created to prevent money laundering. Pursuant to this Act, financial institutions must report unusual transactions, but not report this - whether intentionally or not - and may be sanctioned. Read more

How to monitor money laundering?

By monitoring company information and profiles, screening Sanctions, PEP and Watchlists, tracking negative news about all stakeholder, partners, suppliers, searching legal databases and deep diving into backgrounds of individual's working on the project or partnering with your company. Read more

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