AML hero
Use case

Anti-money laundering (AML)

Accurately and reliably verify a customer’s identity to fight fraud and navigate global anti-money laundering compliance – and avoid reputational and financial damage to your business.

Automated AML solution

Fast and accurate identity verification for AML

Ensure your regulated business can navigate global AML compliance regulations without impacting user experience.

AML automation

Automate identity verification

Verify customer identity with our global suite of products to automate AML processes and meet compliance requirements like sanctions screening and ongoing monitoring.

Automate identity verification
Global AML

Global coverage for anti-money laundering

Meet AML needs globally and expand wherever you need to do business. Our verifications cover 195 countries and support more than 2,500 documents around the world, so you can meet requirements as you grow.

Supported documents
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AML orchestration

Orchestrate AML verifications

Your business is not one-size-fits-all, so your identity verification shouldn’t be, either. Create workflows for different customer journeys in Onfido Studio that are tailored for user and market needs.

Onfido Studio
Orchestrate AML

Discover Onfido for AML

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Document Verification

Verify customer IDs in seconds with low-friction, fast, and accurate document verification. Onboard customers wherever they are — we support 2,500+ documents worldwide.

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Biometric Verification

Combine with document verification to protect against stolen IDs. After submitting a photo of their ID, customers snap a selfie or simply turn their head. Our technology matches the photo on the ID to their facial biometrics.

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ID record

Validate user information against comprehensive databases in seconds, so you can fulfil AML requirements globally.

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Watchlist and ongoing monitoring

Choose which sanctions lists, adverse media categories and PEP lists to search to avoid noncompliance fines and damage. Our real-time model dynamically updates our risk database for sanctions, watchlists, and PEPs. So we never make judgments on data more than 24 hours old.

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Why choose Onfido for AML?

Our solution verifies a customer’s identity in seconds so you can satisfy compliance requirements, monitor customers against watchlists, and protect against fraud.

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Keep up to date with the latest identity insights

FAQs

Anti-money laundering refers to laws, regulations, tools and processes that make it harder for criminals to hide the origin of illegally obtained funds acquired through crimes ranging from drug trafficking, tax evasion, fraud, terrorist financing or major corruption schemes. Since the criminals need to move the money through financial institutions or legitimate businesses, those businesses are responsible for monitoring and reporting suspicious transactions. Regulated businesses face steep fines and other consequences for not complying with AML regulations. To meet AML requirements, financial institutions must undergo sophisticated monitoring and money laundering risk assessment to detect suspicious transactions of customers. They do this through conducting KYC processes.

According to the United Nation Office on Drugs and Crime, money is typically laundered in three stages before finally being released into the legal financial system: placement (moving the funds away from direct association with the crime), layering (transactions meant to conceal the trail to avoid detection), and integration (making the money available to the criminal from what seem to be legitimate sources, like luxury purchases or investments).

Failure to comply with anti-money laundering regulations can result in heavy AML sanctions and fines, so it’s in the interest of financial institutions to make AML regulations a top priority. The UNODC estimates that the amount of money laundered globally in one year is 2% to 5% of global GDP, or between $800 billion to $2 trillion. Money laundering is by definition associated with criminal activities, which can range from illegal arms sales, terrorist financing, smuggling, corruption, insider trading, fraud, and cybercrimes. There are many reasons that AML is important, ranging from business protections to moral responsibility.

Follow KYC measures. AML compliance starts with knowing who your customer is by performing identity verification. This includes verifying the personal information details the user provides with an ID Record check, or proof of address. KYC also checks that funds are from a legal and legitimate source. Undertake the necessary customer due diligence processes. Customers who are considered higher-risk require more thorough due diligence, such as enhanced due diligence (EDD). Find out more about the difference between CDD and EDD. Maintain up-to-date records for higher-risk customers. Monitor customer accounts for suspicious activity via Watchlist checks and report any flagged transactions in accordance with relevant regulations. Enforce sanctions against individuals or entities that fail to comply with regulation or are found to be on blocked lists.

The KYC process is a part of AML and aims to stop such schemes in the early stage. KYC regulations require a business to identify their customers and assess their risk profile upon onboarding. This is done via customer due diligence (CDD) processes.  CDD processes typically comprise of a series of checks to help businesses verify their customers’ identities and assess their risk profiles, and can also refer to ongoing monitoring post onboarding to catch money laundering in subsequent stages beyond the initial deposit. CDD involves analyzing information from different sources, including what the customer provides, and checking information against public and private data sources and sanctions lists. The information you collect depends on the risk profile of your customer, but basic CDD requires the information about the identity of your customers, such as their name, address and a photograph of an official identity document. An overview of your customer’s activities and the markets they operate in, and an overview of any other entities that your customer does business with.

Onfido offers an end-to-end identity verification solution with the Real Identity Platform, giving businesses fast results they can trust without compromising on the user experience. Our document and biometric verifications give assurance that a real user is present and that they are using a genuine government-issued ID that belongs to them, keeping fraud down and helping you meet compliance requirements. Our Verification Suite lets you choose from products to meet your risk tolerance for each user.