Use of electronic AML checks online

Jan 13th '23

Whenever banks and financial institutions want to bring new customers on board, they make use of electronic AML checks online. They also have to consider a wide range of regulatory requirements, so there is no chance of money laundering. It is easy to detect and prevent the happening of money laundering that is common in big organizations. However, bringing the clients onboard can be very challenging. Firms and businesses have to organize their budget and keep the resources in mind.


They also have to cater to the needs of many customers. Financial institutions and firms have to incorporate new strategies and technology tools offered by trade finance services. It will become easy for them to manage AML checks and bring new clients on board.


  • Importance of AML client onboarding

Automation plays an important role during onboarding as it will help businesses achieve compliance and customer services. Here are some benefits of onboarding with automation:


  • Compliance Performance

The automated onboarding will make it easy for businesses to enhance compliance performances. Effective CDD and KYC for onboarding include a wide range of obligations. They also need verification of customers that will include in the database and lists officially. The process may not be an affordable choice and can take a lot of time especially if you perform it manually. The automation of this software will help firms to add a bit of speed and efficiency at work. It will also help them handle the data safely with a lot of capabilities. The software for onboarding will cater to the needs of regulatory environments instantly.


  • Speed and Simplicity

Software automation is a perfect choice for bringing clients on board. It will not only simplify the process of administration but introduces new customers easily. There is no doubt it gives a chance to broaden customer access and get the best ones on board. The big and prominent firms don’t have to compromise on compliance performance. Secondly, it will also help them maintain effective customer services throughout the channels. When the friction is reduced, it will build up a strong relationship with the customers. Automation can help save onboarding time along with the administrative processes. AML will become easier to handle for both customers and staff members. Customers can also engage themselves in the onboarding services online. They may use their mobile phones while the team members can focus more on the AML activities.


  • Record Keeping

Big firms and financial organizations have a lot of records and documents to keep. With the help of the onboarding process, firms can collect and analyze a large amount of CDD/KYC data. This data will play a vital role in the various ongoing AML transactions and monitor them efficiently. It also builds a perfect relationship with the customers when the screening measures are strong. Software automation will help all the prominent firms to handle their responsibilities regarding onboarding pretty easily. It has now become easy to access and store the data more efficiently. When it is organized and preserved well, it can be used whenever required. It will help you differentiate among suspicious activity reports (SARs) while the financial institutions will find the investigations easy to carry out.


All departments can handle easy storage of data and documents to carry out their responsibilities. They can share information easily and even expedite AML alerts at regular intervals. When the right kind of useful information reaches the staff, it will enhance their productivity at work. The process of SAR also becomes easy to manage and that too without taking much time and effort.


  • Long term applications

AML checks online have an immediate effect on compliance and build a strong relationship with customers. Automation can play a bigger role in the long run. The onboarding software for AML client onboarding will help customers grow their firms to a higher level. All the big organizations and businesses can keep up their pace against their rivals. It will also help them maintain a good regulatory environment that will not hinder good services for the clients.


In the long run, automated onboarding can easily complement the experience and expertise of human AML/CFT. It is also easy to implement this as a significant part of hybrid AML/CFT processes. The best thing is that it can also act like a free tool that helps the team follow regulatory measures. Firms can carry on to cater to the needs of various customer ranges, and their goals can be met conveniently.


If you have AML or KYC/KYB needs, please contact us.


We can help

At LS Consultancy, our consultants are industry experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:


  • We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
  • Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
  • Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
  • Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
  • Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
  • Ensuring your Compliance Monitoring Programme is conducted on a regular basis
  • Engagement with senior management through relevant committees


For further information please contact us where our industry experts will be happy to answer your questions.


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