AML in Banking
Banks sit at the centre of anti-money-laundering regimes. Beyond KYC, they must screen customers against sanctions and PEP lists, monitor activity, report suspicions and demonstrate to supervisors that these controls work.
What KYC and AML controls look like in banking
- Customer screening at onboarding and daily re-screening thereafter.
- Risk-based due diligence with enhanced measures for higher-risk customers.
- Transaction monitoring and suspicious activity reporting.
- Independent testing and governance.
- Retention of records for the period required by the regulator.
Common challenges
- False positives from common names across languages.
- Reconciling screening results with identity records held in other systems.
- Demonstrating consistent decision-making to supervisors.
How IDWise supports banking
The Continuous Trust Platform is configured to the regulator and risk profile of each banking customer, combining the modules below in one journey with a complete audit trail.
Frequently asked questions
What is the role of KYC in bank AML?
KYC provides the verified identity and risk rating that screening and monitoring act upon.
What lists must banks screen?
National and international sanctions lists, PEP registers and, increasingly, adverse media.
How are AML alerts managed?
In a case-management system where analysts review matches and record dispositions with reasoning.
Related terms
Talk to an IDWise specialist about your markets, regulators and risk controls.