How Does AML Screening Improve Due Diligence?
Keeping businesses safe from illegal activities like money laundering is imperative in today’s financial world. One key tool to help with this is AML screening. When companies conduct AML screening, they protect themselves and their customers. Why Due Diligence Matters Due diligence forms the foundation of sound business decision-making through meticulous information verification. It involves checking information carefully to make informed and safe business decisions. Before a bank or financial institution allows someone to open an account or process a large payment, they need to ensure the person is not concealing illegal activities. Without proper checks, criminals could use these services to launder money from illegal activities. This is where due diligence comes in. The Importance of Name Screening and KYC Name screening technology compares client information against databases of known criminal actors, including sanctioned individuals, terror suspects, and documented fraudste...