AML Checks

Innovative and instant anti-money laundering solutions

All financial institutions, such as banks, cryptocurrency and digital money organisations should be complying with the AML regulation, 5AMLD.

Money laundering sees an estimated $800 billion – $2 trillion globally each year being laundered, which is 2-5% of the global GDP. Anti-Money Laundering checks (AML) are more important than ever, as regulations require a higher level of vigilance to combat the global threat.

The Sixth Anti-Money Laundering Directive comes into place in December 2020 and our range of digital identity verification and KYC solutions enables organisations to comply. Our KYC AML solutions offer the best user experience, instant onboarding and increase customer acquisition.

Are you ready for 6AMLD which comes into place in December 2020?

Here are some of the regulated markets we work in to perform AML checks.

Features of our Anti-Money Laundering (AML) solutions

Reduce Impersonation Fraud & Protect Your Brand

Perform appropriate online AML checks and instantly reduce impersonation fraud.

Mitigate The Risk of Money Laundering

Mitigate the risk of impersonation fraud and money laundering with our global AML solutions.

Comply with Financial Market Regulations

Meet AML regulations and comply with financial requirements whilst meeting CCPA and GDPR.

Significantly Reduce Fraud Rates Globally

Looking to reduce fraud globally? Hello Soda performs AML checks across 177 countries.

What is the 5AMLD?

The aim of the new directive is to close down the financial means of criminals without preventing the functioning of payment systems and markets. Announced in April 2018, businesses were given an 18 month window to ensure that they have all of the checks necessary in place before the new directive comes into effect.

Changes that will be seen in the 5AMLD include regulating virtual currencies and pre-paid cards to prevent terrorist financing, improving safeguards for financial transactions to and from high-risk countries, and ensuring centralised national bank and payment account registers or central data retrieval systems are accessible in all member states.

Financial institutions should have the necessary solutions in place to cover the fifth money laundering directive. 6AMLD is predicted to be announced in December 2020.

Challenges and risks

If your business has no AML checks in place when dealing with customers sending money between different places, there will inevitably be fraud or money laundering risks.

In order to reduce these risks, it’s key for businesses to be verifying their customers when they are looking to carry out financial transactions. Traditionally, these checks would be carried out using ID documentation, such as a passport or driving license. However, a customer may not have such documents on them so this causes friction in the user journey and delays the transaction process, with the added risk of fake documents being used.

KYC is another check that enables businesses to ensure they are preventing the risks of fraud and money laundering. These checks can enable you to gain a true understanding of your customer, whilst also checking other data sets such as PEPs & Sanctions databases.

Ultimate Guide to Complying With 5AMLD

In this e-book, we cover all aspects of the fifth money laundering directive (5AMLD) and how your organisation can comply with this latest fraud prevention measure.

5AMLD E-Book Cover
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Latest Anti-Money Laundering (AML) news & insights

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