How It Works?
Shufti Pro offers versatile AML verification through two methods: Search Based and Document Based. The Search Based approach cross-references the provided details with AML data sources, while the Document Based method extracts essential information directly from provided documents for verification. These approaches ensure comprehensive AML screening, enhancing compliance and mitigating financial crime risks.
- Search Based: In this approach, key details like Company Name and Incorporation Date are provided by the end user or merchant and searched against AML data sources.
- Document Based: This method involves extracting essential information such as Company Name and Incorporation Date directly from the document provided by the end user & searched against AML data sources.
AML for UBO’s & Business Officers
Shufti Pro empowers clients to assess potential risks associated with key business officers, such as Ultimate Beneficial Owners (UBOs) or directors. The User AML Screening service can be used to screen UBOs and company officers from Sanctions, PEP, Adverse media, and more lists.
AML Data Sources
ShuftiPro's AML data sources encompass 1700+ global watchlists, FATF lists, PEP lists, and Sanction lists, providing an extensive foundation for robust anti-money laundering measures. With millions of profiles from high-risk entities globally, we utilise data from 240+ countries and territories, sourced from reliable international databases, ensuring compliance with local and global standards. These sources encompass:
- OFAC Sanction list
- United Nations Consolidated List
- EU External Action Service Consolidated list of Sanctions
- Sanction Related Entities
- European Council Restrictive Measures in view of the situation in Belarus
- Interpol Wanted
- EU Most wanted warnings
To know more about data sources, contact us at [email protected].
AML Filters
Shufti Pro offers its clients the ability to tailor their Anti-Money Laundering (AML) screening process by customising the AML filters to target specific AML lists for more focused and relevant checks.
Shufti Pro supports different filter types in AML service. All the supported filter types are mentioned below.
Filters
| Filters | |
|---|---|
| 1 | sanction |
| 2 | warning |
| 3 | fitness-probity |
| 4 | pep |
| 5 | pep-class-1 |
| 6 | pep-class-2 |
| 7 | pep-class-3 |
| 8 | pep-class-4 |
Adverse Media Filters
| Adverse Media Filters | |
|---|---|
| 1 | adverse-media |
| 2 | adverse-media-general |
| 3 | adverse-media-narcotics |
| 4 | adverse-media-fraud |
| 5 | adverse-media-terrorism |
| 6 | adverse-media-sexual-crime |
| 7 | adverse-media-violent-crime |
| 8 | adverse-media-financial-crime |
| 9 | adverse-media-v2-other-minor |
| 10 | adverse-media-v2-other-serious |
| 11 | adverse-media-v2-other-financial |
| 12 | adverse-media-v2-violence-non-aml-cft |
| 13 | adverse-media-v2-financial-difficulty |
| 14 | adverse-media-v2-regulatory |
| 15 | adverse-media-v2-general-aml-cft |
| 16 | adverse-media-v2-cybercrime |
| 17 | adverse-media-v2-terrorism |
| 18 | adverse-media-v2-violence-aml-cft |
| 19 | adverse-media-v2-narcotics-aml-cft |
| 20 | adverse-media-v2-fraud-linked |
| 21 | adverse-media-v2-financial-aml-cft |
| 22 | adverse-media-v2-property |
| 23 | adverse-media-v2-other-minor |
| 24 | adverse-media-v2-other-serious |
| 25 | adverse-media-v2-other-financial |
| 26 | adverse-media-v2-violence-non-aml-cft |
| 27 | adverse-media-v2-financial-difficulty |
| 28 | adverse-media-v2-regulatory |
| 29 | adverse-media-v2-general-aml-cft |
| 30 | adverse-media-v2-cybercrime |
| 31 | adverse-media-v2-terrorism |
| 32 | adverse-media-v2-violence-aml-cft |
| 33 | adverse-media-v2-narcotics-aml-cft |
| 34 | adverse-media-v2-fraud-linked |
| 35 | adverse-media-v2-financial-aml-cft |
| 36 | adverse-media-v2-property |
Ongoing AML
Ongoing monitoring is crucial in the fight against financial crimes and terrorism financing. It requires constant vigilance and adaptation to evolving global watchlists of money laundering and regulatory changes. Our continuous AML monitoring process ensures that applicant information stays up-to-date with real-time changes to global sanction lists and watchlists, so organisations can maintain the integrity of their operations.
Shufti Pro automatically detects changes in AML status, then it sends a webhook with the event "verification.status.changed". You can check the new AML status using the "get status" endpoint or from the back office. For improved ongoing AML results, use "fuzzy_match = 1" in the name of the object.
| Parameters | Description |
|---|---|
| ongoing | Required: No Accepted values: 0, 1 Default: 0 This Parameter is used for Ongoing AML Screening, and is allowed only on Production Accounts. If Shufti Pro detects a change in AML statuses, then we will send you a webhook with event verification.status.changed. The new AML status can be checked using get status endpoint, or from the back-office. Use fuzzy_match = 1 in the name object for better results for Ongoing AML Screening. |