Accurately verify customers anywhere
Screen users against over 1100+ global sanctions, PEP, adverse media watchlists and 170K+ news sources.
Verify users against reliable government sources
Accurately match faces for user-friendly authentication
Access reliable records from Africa's business registries
Automatically spot anomalies to prevent fraud on your platform
Easily confirm bank account ownership
Validate phone number records in South Africa, Nigeria, Tanzania, Uganda and Kenya
Screen users against over 1100+ global sanctions, PEP, adverse media watchlists and 170K+ news sources.
Retrieve personal information from government records and match a selfie to official ID photo.
Match personal information against official government records.
Confirm the identity of an existing user.
Enhanced DocV authenticates and cross-references documents with government databases in one step.
Retrieve business records and stakeholder information from the official business registry
Identify users attempting to create multiple accounts using facial biometrics.
Retrieve personal information from official government records.
Verify the authenticity of an ID document and match a selfie to the ID card photo.
Anti-Money Laundering (AML) plays a critical role in safeguarding the financial system. AML refers to a comprehensive framework of regulations, procedures, and controls designed to prevent criminals from laundering money obtained through illegal activities like drug trafficking, fraud, or corruption.
Money laundering typically involves three stages:
Criminals introduce their illicit funds into the financial system, often through methods like cash deposits or breaking down large sums into smaller transactions.
The criminals then move the money through a complex series of financial transactions to obfuscate the source of the funds. This might involve using shell companies, international wire transfers, or purchases of high-value assets.
The laundered money is reintroduced into the financial system as seemingly legitimate funds, allowing criminals to enjoy the benefits of their illicit activities.
Criminals employ various methods to launder money, including:
Smurfing (splitting large sums into smaller deposits) and bulk cash smuggling are common techniques.
Creating fake businesses to disguise the source of funds.
Inflating or deflating invoices for international trade transactions.
Using cash purchases of properties to hide illicit funds.
Digital identity verification serves as a vital gateway to the financial system. By implementing robust AML measures, businesses can help prevent criminals from exploiting these channels for money laundering purposes:
Enhanced Security: AML practices safeguard your business from being infiltrated by illicit funds.
Regulatory Compliance: Financial institutions and other regulated entities are required by law to comply with AML regulations.
Building Trust: A strong AML posture fosters trust with regulators, customers, and business partners.
Also Read: AML Compliance in South Africa
Know Your Customer (KYC): Our solutions facilitate robust KYC procedures by verifying customer identities and collecting essential information during account onboarding.
Customer Due Diligence (CDD): SmileID supports CDD efforts by providing risk-based verification methods that tailor the verification process to the customer's risk profile.
Transaction Monitoring: Our solutions can integrate with transaction monitoring systems to help identify suspicious activity patterns.
Businesses can perform this via our no-code platform or API/ SDK integration. Book a free demo today to learn more.
Anti-Money Laundering (AML) is a cornerstone of a secure and compliant digital identity verification ecosystem. By adhering to AML regulations and implementing effective AML measures, organizations can help combat financial crime, build trust, and contribute to a more secure financial system, particularly within the dynamic African market.
Also Read: The Central Bank of Kenya Guidelines on Anti-Money Laundering and How to Meet Them
We are equipped to help you level up your KYC/AML compliance stack. Our team is ready to understand your needs, answer questions, and set up your account.