How Long Do AML Checks Take To Complete?

AML or Anti-Money Laundering checks are an integral part of security for any financial institution, legal firm or business working with large transactions. These checks aim to confirm the authenticity of a client’s funds and prevent financial fraud, but how long do AML checks take?

In this blog, we’ll cover the key components of AML checks and explain the procedures and time taken for each step. 

Are you searching for an AML and digital compliance solution? Contact our AML experts now.

What Are AML Checks?

It’s important to understand what AML checks entail before delving into how long each process takes. In order to protect businesses from fraud and to stop criminals, any clients that interact with a company such as banks, property developers and any other financial industries must have AML, KYC and due diligence checks conducted against them.

We use our innovative TripleCheck solution to conduct our AML checks which involves 3 steps:

• Identification, verification, and screening: Confirming the individuals' identity using PEP screening to verify ID documents including passports and driving licences. 

• Facial recognition processes: This process uses Optical Character Recognition (OCR) and facial recognition technology to compare ID photos to a real picture of your customer to verify their identity.

• Digital fraud checks: Digital Elements are used to indicate any potential risks and create an overall risk score of the client data. If there is a need for further investigation, appropriate due diligence steps will be instructed. 

Alongside the initial checks involved in the AML process, client accounts are also continuously monitored and checked to ensure there are no suspicious transactions or activity. 

How Long Do Anti-Money Laundering Checks Take?

AML check completion times can differ greatly depending on a number of variables. Automated AML screenings can be completed in seconds, whilst manual AML screening can take a few hours to a few weeks on average. Some inspections, however, could take longer, particularly if the matter is complicated or needs a thorough investigation.

Stage 1 - Identify verification screening 

Time: Seconds to minutes 

With our award-winning TripleCheck system, automatic Sanction and Pep Screening checks take place by checking the Credit Reference Agency and Dow Jones Global WatchList.

The intelligent technology eliminates any false positive results and within 2 seconds can complete a full check using the name, address and DOB entered by the customer. 

This process generates an AML certificate to verify the outcome of the findings. If issues are flagged and further investigation is required, an AML compliance officer can use this certificate to conduct more due diligence checks. This process can however take longer to complete as it is a manual process, taking several hours to a few days.

Stage 2 - Facial Recognition, Document Capture and Liveness Appraisal

Time: Minutes to a few hours

The time taken to complete this process can vary based on how long the client takes to produce the appropriate documents and imagery. 

During this process, a client will submit a photographic ID for checks. Our system then uses advanced biometric facial recognition and OCR software to create a ‘true picture’ of your customer and determine if their documents and imagery are authentic and match each other. 

The second stage asks the customer to submit a Selfie Liveness Video (SLV) of themselves which is then compared to the documentation to verify if the information provided is genuine and the imagery is of the same ‘real’ person. 

These automated checks should only take a few minutes to complete and provide feedback to your company on the authenticity of your customers' documents. However, customers need to provide the correct and authentic documents, if they don’t this can extend the time taken and cause further manual investigation. 

Stage 3 - Digital Fraud Checks 

Time: Minutes to a few hours 

Once all the information has been collected from the client our TripleCheck system will take all of the data provided and highlight any fraud indicators to your business. You’ll also receive a total risk assessment score that will provide instructions on any further investigation needed. Once our TripleCheck system has this information, it can complete this 3rd step in minutes. 

What factors can influence AML process times?

How long do money laundering checks take in total? Well, if your customer hands in all their ID documents and requested information and everything is authentic, the process should take no more than a few hours. 

However, several factors can extend the process to a few days or more. 

• Document quality: If the client provides incomplete documents, expired ID documents or unclear images, this can result in delays and a need to resubmit the correct documents. 

• Geographical factors: Certain regions experience higher levels of financial crime and as such, clients from these areas may be subjected to more stringent checks which will extend their processing time. 

• Flagged suspicious activity: If your AML checks have flagged suspicious transactions and activity, these will require investigating in further detail. This can extend the check timeframe by a significant amount, taking weeks or more to resolve.

However, if there are delays on the customer's end or further due diligence checks are required after suspicious data has been collected, this can extend the process to a few days or more. 

How Can Businesses Speed Up the AML Process?

If you are looking to streamline the AML process there are a few steps you can take:

• Training staff: Your AML officer can train staff on AML best practices to ensure cases are handled more swiftly and effectively and common AML mistakes are avoided, lowering the possibility of drawn-out investigations.

• Pre-screening clients: Pre-screening helps detect possible high-risk individuals early, which enables speedier resolutions or proactive measures for firms that deal with large volumes of clients.

• Invest in modern AML technology: The best way to get ahead with AML checks is by using advanced software. Our TripleCheck system is a highly advanced AML software that automates the screening and identification process. To discover what our system offers, you can request a free demo. 

Fast and reliable AML with SmartSearch

With SmartSearch, you’ll benefit from an award-winning AML and digital compliance system that can provide you with quick and easy identity verification and screening in minutes. 

Our AML platform is the best tool for safeguarding your organisation and can verify the identities of clients across more than 40 countries worldwide. To learn more about our services, contact us at info@smartsearch.com or 0113 537 4042.