How we can help you meet AML regulations and stay compliant

Any company handling financial transactions is required to implement effective anti-money laundering processes and due diligence measures to help prevent money laundering while safeguarding your customers.

With the help of the right data, you can transform your approach to money laundering detection, prevention, and compliance, uncovering hidden risks relating to businesses and the people behind them.

Purple to blue graphic

What is anti-money laundering?

Anti-money laundering (AML) refers to a set of procedures, laws, and regulations designed to prevent criminals from disguising illegally obtained funds as legitimate income. These measures include thorough checks to confirm the identity of individuals and organisations, understand their financial activities, and monitor ongoing transactions to flag and report suspicious activities.

What is an AML check?  

An AML check is a thorough process used by companies to make sure their customers are not involved in money laundering or supporting terrorism. It includes checking the customer's identity and reviewing their transactions for any suspicious activity. This isn't just good practice but required by law to help prevent financial crime.

See What is an AML check?

What information is needed to complete an AML check?

For AML checks a customer typically needs to provide personal identification details including, but not limited to:

  • Name
  • Date of birth
  • Address.

However official documents and information about financial activities and sources of funds may also be required.

For more, see What information is needed for an AML check?

Who should implement AML checks?

Many businesses fall under the UK’s AML regulations, including any financial institution or company regulated by the FCA.

See our AML guide

Purple to blue graphic

Know Your Customer (KYC)

To comply with AML regulations, you need to ensure that your customers are real, alive, and exactly who they say they are. This part of the verification process is known as Know Your Customer (KYC). Platforms such as CrossCore power the tools and services that enable KYC checks, including end-to-end identity checks, age-restriction checks, instant document verification and bank account verification.

Find out more about KYC compliance
Woman verifying her identity online
Man on a bus verifying his identity on his mobile phone

Identity verification

With growing concern about identity theft and financial crime, security is now a key aspect of the online experience. The right ID verification tools to support your KYC process will help ensure you meet regulatory requirements, protect your business from the cost of fraud, and attract and retain new customers.

Solutions for identity verification

CrossCore Identity Services for KYC allows quick and efficient onboarding whilst protecting you against fraudulent activity.

CrossCore Identity Services for KYC

Further reading on KYC

Get in touch

We can tailor our KYC solutions to meet your business needs. Let's talk.

Speak to an expert

Know Your Business (KYB)

Combining KYB and KYC due diligence, our tools help verify businesses by applying multiple layers of risk detection to fully understand if the business or the owner is engaged in suspicious activity. Experian provides access to the most comprehensive breadth of data sources in the market. Multi-sourced data corroboration is critical for understanding customers and exposing hidden risks.

Discover our KYB solution
Group of colleagues evaluating data

AML checks and solutions

Meeting industry and AML regulations is a very real concern for businesses in the UK, with significant fines for failure to comply and ensure effective AML checks. If your business deals with financial transactions, it’s vital that you carry out the necessary identity verification and AML checks to assess and minimise risk.

Speak to an expert
Young couple applying for a mortgage
Smartly dressed man using a tablet in public

Process and API integration

Ensuring an efficient and seamless AML process is crucial for businesses. CrossCore Identity Services provides a straightforward solution, enabling AML and KYC checks through a unified API tailored to your specific needs.

By using a single API your business can fulfil regulatory requirements and mitigate inherent risks without causing disruption to your existing processes.

Related links

What is KYC vs KYB vs an AML check?

What is KYB? Keeping compliant with 'Know Your Business' checks

Solutions for process and procedures

CrossCore Identity Services for KYC allows quick and efficient onboarding whilst protecting you against fraudulent activity.

CrossCore Identity Services for KYC

Man in an office assessing identity monitoring of customers

Identity monitoring

Effective identity monitoring is a strong way to protect your business from identity fraud and other financial crimes such as terrorist financing. As well as ensuring your ID verification processes are fully aligned with the government’s GPG45 and guidance from the JMLSG, you should implement continuous monitoring so you are aware of your existing customers displaying any suspicious activity potentially linked to financial crime.

Man in an office looking at a tablet

KYB verification

Combining KYB and KYC due diligence, our tools help verify businesses by applying multiple layers of risk detection to fully understand if the business or the owner is engaged in suspicious activity. Experian provides access to the most comprehensive breadth of data sources in the market. Multi-sourced data corroboration is critical for understanding customers and exposing hidden risks.

Related links

Can using multi-source data help detect financial crime?

Why multi-sourced third-party data is key for detecting and preventing financial crime

Giving financial crime the red flag

Explore our KYB solution

Know Your Business (KYB) helps you to verify the identity of a business and the people who own or control it using multi-source data corroboration and key-party screening.

Know Your Business

Man browsing on a tablet

Mule Score

Experian Mule Score analyses both the payer and the payee account opening history, turnover activity, and modelled characteristics of confirmed mule cases. The machine learning-powered solution enables banks to assess their entire portfolio so they can easily spot questionable account activity.

How can we help?

Experian Mule Score is our latest fraud detection solution that will help all current account providers in the UK protect consumers from APP scams.

Experian Mule Score

Woman browsing on a tablet

AML Flags

Take a proactive approach to fighting financial crime and enhance your Know Your Business (KYB) processes with analytical insights derived from key data sources. Experian have undertaken extensive research to understand how criminals used registered businesses to perpetrate crimes and how data can be used to spot suspicious behaviour.

Related links

What is AML? Keeping compliant with Anti-Money Laundering Checks

Giving financial crime the red flag

Transforming financial crime prevention

How industry data sharing can help detect and prevent financial crime

How can we help?

AML Flags analyse two data sources, companies house and cashflow data, for patterns and trends which could indicate anomalous activities and potential financial crime.

AML Flags

Working from home and making notes

AML risk and consultancy

Under regulations, businesses must undertake AML risk assessment of any individual they have a business relationship with. Your AML compliance officer must ensure you understand exactly who your existing business customers or potential customers are with the use of tools such as independent verification and identification and fast risk assessments.

Knowing what you need to do for AML compliance is one thing, but implementing these steps into your business isn’t always so clear-cut. Working with an experienced specialist or AML consultant will help your business to meet regulations and provide peace of mind.

 

Further reading on AML checks

Get in touch

We can tailor our AML check solutions to meet your business needs. Let's talk.

Speak to an expert

AML regulations and policies

Anti-Money Laundering (AML) regulations impact a whole host of different sectors, from financial institutions and banking to estate agents and legal professionals, in a wide variety of ways. Any business dealing with financial transactions must meet the regulations and policies put in place by the UK Government’s Good Practice Guide 45 (GPG45) and the Joint Money Laundering Steering Group (JMLSG).

Speak to an expert
Bank manager verifying a customers identity
Man committing fraud on his mobile phone

UK money laundering and AML laws

Preventing financial crime such as money laundering plays a significant role in tackling all sorts of crime, so it is vital that all relevant organisations implement the necessary AML policies and correctly identify customers. And, if you have a suspicion over a business or individual, you must submit a DAML (Defence Against Money Laundering) to the National Crime Agency, as a legal requirement under the Proceeds of Crime and Terrorism Acts.

Related links

What is AML? Keeping compliant with Anti-Money Laundering Checks

FinCrime timeline

Man in an office assessing AML regulations

AML in banking and finance

Banks and organisations operating in the financial system oversee millions of transactions, worldwide, each and every day. As a result, they are at a high risk of financial crime. Banks and other financial institutions are legally required to follow AML regulations, including those under JMLSG, to ensure that they identify people on sanctions lists and do not support any money laundering activities.

Related links

What is AML? Keeping compliant with Anti-Money Laundering Checks

Woman working from home on the phone

AML laws UK

AML laws in the UK are set out in the Money Laundering, Terrorist Financing, and Transfer of Finds Regulations 2017, the Criminal Finances Act 2017, the Proceeds of Crime Act 2022, and the Money Laundering Regulations 2007.

Related links

What is AML? Keeping compliant with Anti-Money Laundering Checks

Man looking at a financial balance on his mobile phone

AML in crypto

In the UK, cryptocurrency assets are regulated by the Financial Conduct Authority for Anti-Money Laundering purposes. As a result, any UK crypto exchange must be FCA registered and fully comply with AML crypto asset regulations.

Related links

What is AML? Keeping compliant with Anti-Money Laundering Checks

Further reading on AML regulations

Get in touch

We can tailor our AML regulation solutions to meet your business needs. Let's talk.

Speak to an expert

More on finding and retaining customers

Know Your Customer (KYC) Compliance

Meet all relevant KYC compliance requirements.

Find out more

Regulatory compliance

Discover the best tools and solutions to ensure your business remains compliant.

Find out more

Fraud prevention

State-of-the-art tools and techniques to combat ID fraud and confirm customer identities.

Find out more

Let's talk. Experian can support your business needs.

Loading...

By signing up to Experian business marketing communications you will receive the latest research, insight, news and invites to events and webinars. Experian offers a wide range of products and services. We will do our best to send you only communications that we deem to be relevant to you, your job and your business. You can change your mind at any time.

View our Privacy Policy for details on use and storage of your personal data.

*Denotes a required field