Your Complete Guide to Using UCheck for AML Compliance in the Philippines

Anti-Money Laundering (AML) compliance can be confusing, especially with evolving regulations in the Philippines. Whether you’re responsible for monitoring sanctions lists or conducting checks on politically exposed persons (PEPs), having the right tools can make all the difference. That’s where UCheck comes in.

UCheck is a comprehensive screening tool designed to help businesses comply with AML laws, including the stringent regulations for AML compliance in the Philippines, such as the Anti-Money Laundering Act (AMLA) or RA 9160. It Allows you to efficiently screen individuals and entities against international sanctions lists, PEPs, and even adverse media reports, all in one easy-to-use platform.

Let’s explore how you can use UCheck to meet your AML obligations, from sanctions checks to generating reports. Here’s a step-by-step guide to using each feature and staying compliant without the hassle.

How to Use Sanctions List Check

One of the cornerstones of AML compliance is screening against sanctions lists to identify individuals or organizations associated with illegal activities. This step is crucial for businesses in regulated industries, such as banks, insurance firms, and real estate companies, which are required by law to conduct thorough AML checks.

Here’s how you can use UCheck to conduct sanctions list checks quickly:

1. Access the UCheck Dashboard: Once logged in, start by going to your UCheck dashboard. From here, click Search to begin the process.
2. Input the Name: Enter the name of the individual or company you want to screen. If you have multiple names to check, you can use the bulk search feature by uploading a CSV file with all the relevant data. This feature is ideal for large-scale screenings, ensuring that your compliance efforts are as efficient as possible.
3. Sanctions Screening: UCheck will automatically screen the names against government watchlists and both international and national sanctions lists. These lists are regularly updated to include individuals and entities flagged for activities like money laundering or terrorism financing. UCheck scans everything for you, saving you from manually cross-referencing outdated lists.
4. Review Results: After a few moments, the results will populate on your screen. Here, you can review key information, such as any flags or warnings tied to the individual or entity. UCheck makes it easy to assess the level of risk by giving you direct access to all necessary data.
5. Track Your Progress: UCheck keeps a detailed history of all your searches. From the same dashboard, you can revisit any past screening, generate reports, and monitor how many search credits you’ve used. This record-keeping feature is essential for compliance purposes, especially when demonstrating due diligence to regulatory authorities like the AMLC.

By using UCheck’s Sanctions List Check, you can confidently verify that none of your clients or business partners are linked to sanctioned entities. This greatly reduces your risk exposure and ensures that your business complies with the regulations outlined in the Anti-Money Laundering Act. This is particularly important for businesses in the Philippines to meet their AML compliance obligations under local laws.

RELATED: How FinTech’s Evolution Creates New Money Laundering Risks

How to Use PEP Check

Checking for PEPs is a critical step in AML compliance, especially for businesses operating in the Philippines that need to adhere to local regulations. UCheck simplifies this process, making it easy for you to comply with AML obligations.

Here’s how to conduct a PEP check using UCheck:

1. Search via the UCheck Dashboard: From your UCheck dashboard, click Search and enter the name of the individual or company you wish to screen. For bulk searches, upload your CSV file with the relevant names.​
2. Check the PEP Box: Before starting your search, be sure to tick the box that says Include PEP List. This ensures that UCheck will scan global databases of known PEPs, including individuals who hold or have held prominent public office roles, as well as their close associates and family members.
3. Access Profile Details: UCheck’s PEP check provides detailed information, such as full name, birth date or year, nationality, current location, and any aliases. This data is essential for accurately identifying if the individual you’re screening is politically exposed and whether they might pose a risk to your organization.

Performing a PEP check helps you assess your clients’ risk levels, allowing you to make informed decisions and remain compliant with AML laws. Screening PEPs is especially important for businesses involved in high-value transactions, such as banks and investment firms, where non-compliance could lead to significant fines.

How to Use Adverse Media Check

Adverse media, or negative news coverage, can provide valuable insights into the potential risks, particularly for companies in the Philippines striving for full AML compliance. Whether it’s a major scandal or allegations of wrongdoing, staying aware of this information can help you avoid costly business decisions.

Here’s how UCheck makes Adverse Media Checks quick and efficient:

1. Search via the UCheck Dashboard: From your UCheck dashboard, click Search and enter the name of the individual or company you wish to screen. For bulk searches, upload your CSV file with the relevant names.
2. Include Adverse Media: Make sure to check the box labeled Include News Search before starting your search. UCheck will then scan publicly available sources, including news websites and social media platforms, for any negative coverage linked to the individual or entity.
3. Get Raw Data: UCheck provides you with unfiltered results, meaning it doesn’t alter or store any media content. This gives you a clear and unbiased view of any adverse media, allowing you to make informed decisions about your business dealings.

With UCheck’s Adverse Media Check, you can avoid potential reputational risks and ensure your business relationships remain above board.

How to Generate Reports

One of UCheck’s biggest benefits is its ability to generate comprehensive reports that prove compliance with AML regulations. These reports can be submitted directly to regulatory bodies like the Anti-Money Laundering Council (AMLC) through the AMLC portal, providing irrefutable proof that you’ve met your obligations under RA 9160.

Here’s how to generate your AML compliance reports:

1. Complete Your Search: After conducting a sanctions list screening, PEP check, or Adverse Media Check, click Generate Report found just above the list of results.
2. Download Generated Report: With just one click, UCheck generates a detailed report summarizing the screening results, including any potential red flags. These reports are fully compliant with the AMLA, ensuring that you meet your regulatory obligations.
3. Submit to the AMLC: Once your report is generated, it’s ready for submission to the AMLC portal or any relevant regulatory body.

These reports provide the proof of compliance you need to avoid penalties and demonstrate that your business is operating in line with the Anti-Money Laundering Act and other related laws.

Start Using UCheck Today!

UCheck simplifies the AML compliance process, allowing businesses in the Philippines to screen individuals and entities quickly and efficiently, ensuring they meet AML compliance Philippines standards. With just a few clicks, you can conduct thorough checks, generate compliance reports, and avoid the hefty penalties that come with non-compliance.

Are you ready to make AML compliance effortless?​ Give UCheck a try today and streamline your compliance process!