Anti-money laundering (AML) describes the legal controls that require financial institutions and other regulated entities to prevent, detect and report money laundering activities. Directives such as the Bank Secrecy Act (BSA) of 1970 and the more recent USA Patriot Act require financial institutions to comply with AML measures. Anti-money laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions. Though anti-money laundering laws cover a relatively limited number of transactions and criminal behaviors, their implications are far-reaching.
AML regulations require financial institutions issuing credit or allowing customers to open accounts to complete due-diligence procedures to ensure they are not aiding in money laundering activities or financial crimes. It’s up to financial institutions that issue credit or allow customers to open accounts to practice enhanced due diligence and verify customers to ensure they are not taking part in a money laundering scheme. They must verify where large sums of money originated, monitor suspicious activities and report material cash transactions.
Jumio’s online identity verification solutions are among the most cost-effective ways of responding to the demands of their ever mobile-centric and technically savvy customers with an easy to use and secure identity authentication experience.
Additionally, Jumio’s solutions help banks and other financial institutions support ongoing Anti Money Laundering compliance programs on a global scale since our identity verification solutions are already in compliance with the most comprehensive regulations. Jumio also offers document verification services that extracts address information from utility statements and bank statements which provides an extra layer of identity assurance.