Accura Scan launches AML ZOOP for AML Regulatory Compliance

28 Jun 2021

In a bid to enable financial institutions to comply with AML regulations, Accura Scan is pleased to announce the launch of AMLZOOP. This application provides a seamless identity verification service to clients. AML ZOOP automates verifying user credentials, reducing the workload on employees, and providing accurate, reliable results.

Banking and financial institutions are facing increased scrutiny as the AML regulations are getting tighter. There are millions of transactions performed worldwide, making it difficult to establish authenticity for every transaction. Nonetheless, institutions have to protect their businesses while following AML regulations or face heavy fines. The process of KYC verification is adopted to reach compliance requirements and protect all data.

However, it is quite tedious and time-consuming to do the process in person. AML ZOOP by Accura Scan features Digital KYC, which helps to verify details swiftly and accurately.

International AML regulators such as FATF have made several recommendations for compliance with AML regulations. It suggests a risk-based approach towards a customer, keeping records for at least five years and identifying suspicious transactions. This necessitates an AML compliance program, such as Accura Scan's AML ZOOP, to track all data whenever required. Although there are many AML regulators, these laws have a common structure, and AML ZOOP is suitable for all institutions.

Noncompliance with AML regulations can attract heavy penalties and reputational damage to the institution.

AML ZOOP hosts the following features that will help institutions meet AML regulations:

AML Screening: AML name screening will allow the institutions to find out if the client is under any sanction. Thereby helping to assess the risk of the client's profile.
Screening for Politically Exposed Person (PEP): AML regulations have put politically exposed persons in the high-risk category. Due to the influential position they hold, PePs have a high possibility of acquiring money by illegal means. Hence, PeP screening is important for businesses.
Adverse Media Checks: The AML ZOOP Web API also checks for any adverse news about the client that financial institutions are dealing with. It is an essential process for Digital KYC AML.

AML ZOOP provides a summary of the client with information about any international sanction. Moreover, the summary also shows if the person is on the wanted list of any country, along with financial irregularities, the client is charged with.

Furthermore, it is customizable as per Accura Scan's client brief, providing all clients branding opportunities. Along with swiftness, the application comes with GDPR compliance. This ensures the safety of the client's sensitive data.

The latest offering of AML ZOOP is one such attempt to help financial institutions stick with rigorous AML compliance. The carefully crafted features deliver a premium identity verification service with quality assurance and guaranteed support.

Accura Scan specializes in providing Digital KYC and user authentication services globally. It has a worldwide client base from airlines, telecom, hotel, and other industries that use its AI scanning technology. With more than 20 years in Web and Mobile applications, Accura Scan endeavours to come up with innovative products to suit the client's needs.

Learn more about Accura Scan's work or direct your queries at connect@accurascan.com.