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AML Compliance Software for Small Businesses in Korea, Republic of
Understanding AML Requirements for Non-Financial Industries
Anti-money laundering (AML) regulations are not limited to financial institutions in the Korea, Republic of. Many non-financial businesses are still subject to certain AML requirements. Money laundering and the financing of terrorism occur in various industries, including manufacturing, consulting, construction, real estate, and law firms.
Key Areas of Risk for Non-Financials
The main area of risk for non-financials lies in not having a complete risk profile for clients, vendors, and authorized agents. This can result in fraudulent activities occurring at the expense of your business, potential compliance penalties from regulators, reputational damage, and bad press resulting from association with sanctioned entities.
Ensuring Compliance Standards Are Met
It is essential for small businesses in Korea to have effective identity verification and customer due diligence (CDD) capabilities in place for both Know Your Customer (KYC) and Know Your Business (KYB) efforts. Alessa provides AML compliance solutions that meet specific non-financial industry requirements, ensuring risk-averse and compliant operations even with rapidly evolving regulations.
AML/CFT Solutions for Real Estate Agents and Companies
The real estate industry is a prime target for money launderers in Korea. Regulators have begun to lobby for and enact compliance and reporting requirements for real estate transactions. Ensure your firm is covered by implementing an AML real estate solution that provides:
- Identity Verification and CDD for KYC and KYB
- Sanctions, Watchlist, and PEP Screening
- Adverse Media Screening
- PEP Scoring
- Enhanced Due Diligence
- Automated Regulatory Reporting
AML/CFT Solutions for Law Firms
Law firms in Korea are subject to the Money Laundering Regulations 2007, the Proceeds of Crime Act of 2002, and the Terrorism Act of 2000. AML requirements include reporting suspicious activities to authorities, CDD efforts for customer identity, beneficial owners, and understanding motives behind transactions.
Implement an AML solution built for law firms that provides:
- Identity Verification and CDD for KYC and KYB
- Sanctions, Watchlist, and PEP Screening
- Adverse Media Screening
- PEP Scoring
- Enhanced Due Diligence
- Risk Scoring
Alessa’s Integrated AML Platform for Non-Financials Offers the Ability To
In addition to real-time verification, Alessa supports ongoing and periodic CDD efforts for KYC compliance. As entity risk profiles evolve, our solution ensures you can make risk-aware, data-driven decisions about existing client and partner relationships.
Real Time Transaction Monitoring
Monitoring every type of transaction (i.e., deposits, wires, checks), Alessa offers a holistic view of your data to help identify suspicious activities. Monitoring can be done in real-time, periodically or on demand.
Enhanced Due Diligence
The ability to meet enhanced due diligence (EDD) requirements is a must for organizations that are engaging with new suppliers, vetting parties involved in a merger or acquisition, or need to meet AML, anti-bribery, and anti-corruption obligations. Implement an EDD solution that allows you to order reports directly from the application and deliver them in one-third of the time for one-third of the average industry price.
Risk Scoring You Control
Using data from various sources, Alessa allows you to develop a risk scoring model that matches your establishment’s risk tolerance so you can easily assess the risks of working with specific entities. Alessa also reviews your establishment’s client base and updates risk levels based on activity and third-party data.
Automate Regulatory Reporting
With Alessa, your regulatory reports (CTRs, CDRs, SARs, LCTRs, and STRs) can be auto-populated, validated, and electronically submitted across multiple jurisdictions.