AML screening is part of a broader anti-money-laundering control framework used to identify and assess financial-crime risk. Depending on the provider and transaction, controls may include customer due diligence, beneficial-ownership checks, sanctions screening, transaction monitoring, and review of unusual activity.
Quick reference for AML screening
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
AML screening and nearby terms
- Sanctions screening: Sanctions screening compares customers, beneficial owners, Recipients, institutions, countries, and transaction information against applicable restrictions.
