The ultimate AML compliance checks for CEOs and Business managers

KYC and AML checks are becoming a crucial step when setting up a new business and onboarding new customers.

To combat money laundering and terrorism financing, conducting due diligence checks for each client is the right thing to do.  

Thanks to Vespia's automated tool, compliance with regulations is not a laborious procedure anymore. CEOs can effortlessly conduct the required checks and get an overview of the client's identity.
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Automation for CEOs

The importance of AML compliance

There are many reasons AML compliance is essential. Aside from the costs related to money laundering and non-compliance, businesses must also think of reputational risk, constantly evolving threats, and the customer experience.

Make it easier to fulfill regulatory requirements for AML by fetching your client and staff compliance checks and onboarding into one secure online account.

Conducting these due diligence checks enables you to carry a risk-based approach and bypasses exposing your firm to potentially harmful circumstances.

Non-compliance has an expensive cost

Without AML regulations, costs of money laundering would continue to skyrocket, and businesses would be left to deal with staggering losses.

In addition, companies must consider the fact that regulators can execute hefty sanctions and penalties for organizations that do not cooperate.

Consider your business reputation

When a company demonstrates a strong basis of compliance, it builds customer trust and brand awareness. On the other way around, if it becomes known that an organization did not take the appropriate actions to prevent money laundering, it can harm its reputation and motivate customers to go elsewhere.

Constantly Evolving Threats

Perpetrators are constantly leveraging technology to enhance their efforts and be more indistinct. These fraudsters can take advantage of any weak point in a company's technology or AML platform. In other words, enforcing AML policies is more critical now than ever!

Customer Experience

Although Anti-Money Laundering regulations require you to perform identity checks and assess the risk of each customer, it also offers an opportunity to enrich their experience.

Vespia offers a seamless and user-friendly platform to make AML-related communication efficient. It helps put the client experience at the forefront of your business strategy, as it should be.

Vespia offers a fully automated customer due diligence platform

Whether your business is onboarding a new customer or preparing a potential partnership, Vespia guides you through all the required checks to comply with regulations.

Know your customer checks (KYC): Get access to fresh and up-to-date data from global commercial registers to check the real identity of your customer.

Know your business (KYB): Corporate KYC, also known as KYB, is as crucial as your client identification. Run all the required checks with Vespia's seamless and easy-to-use dashboard.

Stay compliant with AML regulations: Screen your customer against global watchlists (PEPs, sanctions & adverse media) within a few clicks by accessing more than 4000 AML databases across 300+ jurisdictions.

Learn more about our products and get a demo to know what is more suitable for your business.