Welcome to your guide for understanding Anti-Money Laundering (AML) and how Parallel can simplify the process. We’ll walk through how our platform helps you stay compliant—efficiently and headache-free.
First things first: Parallel is your partner in simplifying and automating AML. It saves you time, reduces errors, and helps you stay up to date with regulations. Let’s get started!
What is Anti-Money Laundering and Why Is It Important?
Think of AML as a protective shield for your business. It’s a set of regulated procedures designed to prevent money from illegal activities from entering the financial system. If you work in finance, real estate, or advisory services, AML compliance is essential.
A key part of AML is Customer Due Diligence (CDD), also commonly referred to as Know Your Customer (KYC).
KYC involves gathering detailed information about your clients—not only at the start of the business relationship but also on an ongoing basis if the relationship continues.
This process helps you:
Verify that clients are who they claim to be
Understand the source of their funds
Evaluate whether they pose a risk to your business
How Does Parallel Help with AML?
Parallel simplifies CDD management, supporting both the initial client onboarding and ongoing monitoring.
Here’s what you can do with some of Parallel’s key features:
1. Create Detailed Client Profiles
Build complete client profiles including basic information, business activity, source of funds, and connections to beneficial owners and directors.
You can also import data from external commercial or beneficial ownership databases to verify information and speed up collaboration with your client.
2. Automate Data Collection
Automate the KYC process with customizable forms that adapt to the client type and their risk level, ensuring data is accurate and relevant.
3. Sanctions and PEP Screening
Check whether clients appear on sanctions lists or are politically exposed persons (PEPs)—all in one place, without having to search across multiple sources.
4. Risk Scoring
Incorporate your internal risk matrix into Parallel’s scoring system to automatically assess client risk during the KYC process.
5. Electronic Signature
Parallel integrates with trusted e-signature providers like Signaturit and DocuSign, so you can launch KYC signing flows in just one click.
6. Ongoing Monitoring and Alerts
Track every client over time, manage document expirations, schedule KYC refreshes, and enable continuous screening—all from within the platform.
7. Dashboards and Reports
Make better decisions with real-time dashboards and custom reporting tools.
8. Data Retention and Evidence Management
Automatically manage data retention to stay compliant with record-keeping regulations—without manual effort.
9. Artificial Intelligence
Parallel leverages generative AI to help you analyze information and generate risk reports faster and more efficiently.
Start Automating AML with Parallel
If you want to see how Parallel can transform the way you manage AML compliance, follow our step-by-step guide to easily automate CDD and KYC.
Next step: learn more about how to manage Client Profiles: