AMLcheck

AMLcheck is a software solution developed by Risk Management Solutions S.L. that aims to assist businesses in complying with anti-money laundering (AML) regulations and preventing financial crimes. According to the vendor, AMLcheck is designed for companies of various sizes, ranging from small businesses to large enterprises. It is widely used across multiple professions and industries, including financial institutions, fintech companies, professional service providers, e-commerce and online payment platforms, as well as cryptocurrency exchanges.

Key Features

Efficient Screening Process: According to the vendor, AMLcheck allows for both manual and automatic screening of individuals and assets against sanctions and Politically Exposed Persons (PEPs) lists during the onboarding process. The screening process is enhanced by an algorithm that takes into account typographical and phonetic errors, aiming to provide accurate results with reduced false positives.

KYC (Know-Your-Client) and Risk Score: The vendor claims that AMLcheck facilitates a detailed analysis of each client based on the information gathered during the KYC process, enabling the establishment of risk profiles. The risk score is said to be adaptable to different types of clients, activities, and businesses, and is continuously updated based on data and transactions.

Access to Updated Lists: AMLcheck reportedly provides access to sanctions lists and PEPs lists from partner Dow Jones Risk & Compliance. It also allows integration of other public and private lists owned by the client or obtained through third-party agreements.

Control Scenarios: According to the vendor, AMLcheck enables the early detection of suspicious activities related to money laundering and terrorist financing. Through an alert system, clients can design control scenarios and analyze these activities to proactively mitigate risks in their business.

Task and Report Manager: AMLcheck is said to include a task manager that helps Compliance teams organize and assign tasks efficiently. It also provides analytics and reporting capabilities, aiming to enable the generation of reports and documentation according to regulatory specifications.