Company’s Role in Anti Money Laundering

Organizations, especially financial institutions, must adhere to the Anti Money Laundering guidelines set by the governed bodies. And to do this, they must have AML and KYC Policies in place to detect, monitor, and rectify fraudulent activities within their organization and with their clients.

Customer Identification – Know Your Customer

B2B and B2C business types perform KYC whenever they bring a new client or a customer onboard. Companies and individuals have to submit their government Identification proofs, address proofs, and income proofs in the KYC process. Same for the companies, they have to submit their company-related documents, and tax documents as per the KYC norms. This way, the second party in the deal comes to know about the company or individual’s legitimacy and genuine business practice.

Why do you need AML and KYC

Enhanced Due Diligence

The submitted documents by the clients or customers are verified and screened through a sanction screening process to know if the individual or the company was ever involved in a financial crime before. Due diligence also occurs time and again on existing clients also to keep a check on them whether or not they are participating in illegal financial activities or funding the terrorists in any way.

Consistent Monitoring

Checking your customers is only half part of the system. Checking them consistently is the other half. It is an ongoing process. It covers monitoring financial transactions, unusual cross-border activities, or deals with people on the sanction lists. If anything unusual or that is not in sync with the regulatory compliance happens, then it gets reported through a Suspicious Activity Report (SAR).

AML/KYC Implementation in the Companies

Financial criminals execute the task of converting their illegally traded money into legal money by creating shell companies and being in business with legitimate companies. The Anti Money Laundering regulations are therefore set for all the banking and non-banking institutions to follow so that the transactions to convert illegal money can be stopped.

We understand that not every company’s internal team is well versed with the rules and regulations required to be Anti Money Laundering and Know Your Customer compliant. However, we have a team of certified experts with us that knows all the ins and outs of the process.

Diagonal Matrix can help you implement your Anti Money Laundering and Know Your Customer regulations, policies, and programs in place right from scratch. And, our job is not done with one-time implementation only. We are always here to offer you our support services for Anti Money Laundering and Know Your Customer programs. Simply reach us out with your queries, and our expert team members will guide you and resolve the query for you.