Adhering to the rules to avoid participating in money laundering activities
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 adhere to the same rules as you. Particularly in international business, you run the risk that the companies or individuals with whom you do business are not reliable. Conducting a due diligence investigation on your partners, suppliers but also customers is therefore essential.
AML legislation is becoming increasingly strict for financial service providers. They must be prevented from financing money laundering 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. Pursuant to this Act, financial institutions must report 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. 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 relevant content. 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.
Search our powerful legal database for international cases and judgments;
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.