Monitoring

AML monitoring is part of the Anti-Money Laundering procedures required of all regulated businesses. The money laundering regulations require that you conduct proper due diligence as part of your Know Your Customer procedures. This involves initial AML checks, which will identify and verify the client, as well as PEP and Sanction screening, which will alert you to whether or not the customer is more of a risk. If their name matches with a PEP, Sanction or RCA list you must then complete Enhanced Due Diligence to ascertain the level of risk that they may pose. AML monitoring is the process of keeping a regular check on the client going forward. Once initial checks have been completed, you must also monitor every client you have checked, for any changes to their status and therefore, any heightened risk to your business.