How often should I run AML & PSAM checks on clients?

AML

The frequency of Anti-Money Laundering (AML) checks depends on your industry’s regulations and your company's internal compliance policies. For sectors such as finance and legal services, AML checks must be carried out regularly to comply with regulatory requirements.

Best practices include:

• Conducting annual AML checks for ongoing business relationships.
• Performing additional AML checks if there are significant changes in your client's situation. These might include:
  • Major changes in their financial transactions or activities.
  • Alterations in ownership or company structure.
  • Any other significant developments that could affect risk levels.

It is important to consult your organisation’s compliance or legal team to ensure that you are meeting specific regulatory requirements for your industry.

PSAM

Please note: PSAM monitoring alerts remain active for 12 months from the date they are created (unless manually disabled). After 12 months you must start a new check to continue monitoring the individual.