VASP AML screening ensures that none of the physical and legal applicants verified by Sumsub pose a money laundering threat to your organization.

It comprises verifying these applicants’ identities (if applicable), screening them against watchlists, and monitoring target transactions.

Benefits of using Sumsub VASP AML screening

As a financial institution or business, you might need to navigate a complex web of rules designed to prevent financial crime and protect the integrity of your organization.

Sumsub lets you streamline this process and do the following:

• Leverage data from proprietary databases owned by reputable RegTech vendors.
• Proactively mitigate the risk of engaging in transactions with the individuals and entities on designated sanctions lists.
• Remain compliant with evolving regulations, and avoid severe financial penalties and reputational damage.
• Meet Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) regulations by FATF.
• Easily determine which transactions to process and which ones to escalate for further investigation or block entirely.

How VASP AML screening works

Sumsub uses the data obtained from ComplyAdvantage, a leading watchlist screening provider. The screening includes, but is not limited to:

• Sanctions screening.
• PEP and close associates (RCAs) screening.
• Adverse media screening.
• Payment screening for signs of suspicious activity.

The screening results are available in the Extended Essential Checks report for VASPs.

For detailed information about setting up VASP AML screening and other checks, refer to this article.

• If you have a personal ComplyAdvantage account, you can submit your own API key to request the ComplyAdvantage API directly. The data received from this source will be automatically added to your VASP Due Diligence report.
• You can enable or disable cross-checking originator and (or) beneficiary data against warnings and/or fitness and probity databases, as well as against PEP lists and their specific classes, and choose which type of crime to check and which to exclude.