Anti-Money Laundering (AML) screening is an essential part of ensuring compliance and protecting your investment group from potential financial crime risks. Venture360 integrates AML screening directly into its platform, streamlining the process for group admins.
How AML Screening Works
Enabling AML Screening: AML screening can be turned on or off in the Management Settings. Once enabled, investors’ profiles will automatically undergo AML checks when their required information is complete.
Screening Process: AML screening is conducted through ComplyAdvantage, a leading compliance platform. Investors are screened against global watchlists and databases for any potential matches.
Icons for Screening Results: After an AML check is conducted, one of four icons will appear next to the investor's name. These icons are only visible to group admins and represent the following statuses:
✅ No match: The investor has passed screening with no issues.
⚠️ Potential match: There may be a match requiring further review.
🚩 Flagged: The investor requires additional action or verification.
⏳ Pending: The screening is in progress or incomplete.
Reviewing Potential Matches
If an investor shows a ⚠️ Potential match, group admins can:
Click the Icon: Select the icon next to the investor’s name to access more details.
View Results: You’ll be redirected to a detailed report via ComplyAdvantage.
Analyze Information: Review the potential matches carefully. You can click "More Details" within the report to dive deeper into the results.
Determine Next Steps: Based on the results, you can confirm or clear the potential match.
Best Practices for Using AML Screening
Accurate Information: Ensure that investors provide complete and accurate information in their profiles for effective screening.
Regular Reviews: Periodically review flagged or potential matches to maintain compliance and address issues promptly.
Enable AML Checks: Enable periodic AML checks in the Management Settings to stay updated on any changes to an investor’s status.
Why AML Screening is Important
AML screening helps protect your group from risks related to money laundering, sanctions violations, or other illegal activities. By automating the process through Venture360 and ComplyAdvantage, your group can ensure compliance with industry regulations while minimizing manual efforts.
Handling Potential Matches
If an investor's profile is flagged as a potential match during AML screening, group admins can click the ⚠️ icon to review details in ComplyAdvantage. Use the "More Details" section to confirm whether it’s a false positive or valid match. For false positives, document your findings. For confirmed matches, escalate to compliance or legal teams and follow regulatory reporting guidelines. Always maintain records of your review and enable periodic AML checks to keep statuses updated.
For further questions or assistance with AML screening, contact your account manager or reach out to Venture360 support.