AML means the process of concealing the source of money obtained by illicit means. The methods by which money may be laundered are varied and can range in sophistication.'
Financial institutions have also made serious efforts to prevent and detect transactions involving dirty money, both as a result of government requirements and to avoid the reputational risk involved.
There are in fact anti-money laundering solutions available in the market, which can very well be considered to detect any suspicious transaction at the earliest and nab the perpetrators. These anti-money laundering solutions easily integrate into the existing technology of an organization and help the top management to safeguard the interests of the stakeholders.
You can know about the AML and KYC Compliance Check – Online Identity Verification Solution.
Though there can be as many as hundreds of such systems/technologies in the market, not all will fit your exact business requirements. So, you'll have to check with several vendors and see which enterprise risk management system works for you.
Yes, you'll pay for the software, but the software, with the kind of results It'll deliver in a few years, will soon recover its costs, and after that, you'll be using it for free. If you haven't empowered your organization with a powerful anti-money laundering system, you better get one now.
Just make sure you do not pay for an anti-laundering system that takes months for implementation; yes, there are systems that may take up to 6 months. With the internet, you can find a lot about these systems without even speaking to any company involved in producing anti-laundering and anti-fraud systems.
It's not just the information that you'll find online, you'll also be able to find out the top players in the industry who have been around coming out anti-money laundering systems for financial and legal industries.
