AML Verification
AML verification is the set of checks that confirm a customer does not present an unacceptable money-laundering or terrorist-financing risk: verified identity, screening against sanctions, PEP and adverse-media sources, and assessment of source of funds.
Why it matters
Regulators hold firms responsible for who they let in. AML verification is the gate, and its evidence is what a regulator reviews when something goes wrong.
How it works
- Verify identity so that screening runs on accurate data.
- Screen against global sanctions lists, PEP registers, watchlists and adverse media.
- Resolve potential matches with configurable fuzzy matching and transliteration handling.
- Assess source of funds and purpose of account through questionnaires.
- Monitor continuously and re-screen as lists update.
Common challenges
- False positives from common or transliterated names.
- Keeping pace with list updates.
- Documenting how alerts were resolved.
How IDWise supports this
IDWise addresses this within the Continuous Trust Platform through the following modules, configured per market, product line and risk tier.
Frequently asked questions
What lists are screened?
Sanctions lists such as OFAC, EU, UN and UK HMT, PEP registers and adverse-media sources.
What is ongoing AML monitoring?
Re-screening existing customers, often daily, so that new listings are detected after onboarding.
How are false positives reduced?
By screening verified data, tuning match thresholds, and using transliteration-aware matching for non-Latin names.
Related terms
Talk to an IDWise specialist about your markets, regulators and risk controls.