Do I have to run AML checks?

In the UK, certain businesses in the regulated sector are legally required to have adequate AML policies, controls and procedures in place, including carrying out appropriate AML checks on their customers.

Businesses outside the regulated sector are not usually under the same legal AML obligations, but many still use AML checks to verify identities, combat fraud and satisfy banking, investor or partner expectations.

Because AML rules and guidance are updated from time to time, you should always check the latest official guidance with your regulatory body or speak to a compliance professional if you are unsure about your specific obligations.

To find out more about which checks Red Flag Alert provides, click here. 

For a detailed explanation on how to perform IDV and AML checks, read our How to Guide or watch our walkthrough video.