An AML compliance checklist is a structured set of steps, controls and verification requirements that organisations use to ensure they meet anti-money laundering regulations. It helps teams confirm that essential obligations such as customer due diligence, sanctions screening, adverse media screening, transaction monitoring, training and suspicious activity reporting are consistently completed.
A strong checklist reduces oversight risk, improves accuracy and helps maintain alignment with expectations from global bodies such as the International Monetary Fund and the Basel Committee on Banking Supervision.
Why AML Compliance Checklists Matter
AML compliance checklists help organisations meet supervisory expectations set by authorities including the Financial Conduct Authority. They create structure, improve consistency across teams and support transparency during internal audits and regulatory reviews.
A well-designed checklist supports:
Consistent operational execution.
Stronger records for audits and examinations.
Faster onboarding and fewer errors.
A defensible governance framework.
Structured checklists also support best practices referenced in the Financial Action Task Force (FATF) Recommendations, helping organisations apply a risk-based approach.
Core Components Of An AML Compliance Checklist
Although structures vary by industry and jurisdiction, most AML compliance checklists include:
Customer due diligence (CDD) for identity verification and risk scoring.
Enhanced due diligence (EDD) for higher-risk individuals, sectors or jurisdictions.
Sanctions screening for onboarding and ongoing customer activity.
Adverse media screening to detect reputational or criminal indicators.
Transaction monitoring to detect unusual behaviour or potential red flags.
Ongoing monitoring for risk changes throughout the customer lifecycle.
Suspicious activity reporting (SAR) procedures) aligned with national guidance.
Record-keeping and retention following standards from the UN Office on Drugs and Crime.
Staff training and certifications to ensure compliance readiness.
Independent audits or testing to verify control effectiveness.
These components help ensure a consistent and transparent review process across regulated industries including AML for Banks, AML for Fintechs and AML for Payment Service Providers.
How AML Checklists Support Operational Compliance
AML compliance checklists improve workflow discipline, reduce variability between analysts and strengthen investigations.
When embedded into daily operations, they:
Standardise onboarding and customer reviews.
Improve accuracy and completeness of documentation.
Support timely escalation when risks are identified.
Strengthen audit trails with structured, repeatable processes.
Help teams meet expectations outlined in resources such as the World Bank Financial Market Integrity programme.
This structured approach is especially valuable for industries handling large transaction volumes, including payments, digital assets and cross-border financial services.
How AML Checklists Connect To Facctum Solutions
Facctum technology supports organisations implementing robust AML compliance frameworks:
FacctList, provided through the watchlist management solution, helps teams maintain accurate and enriched lists used for sanctions, PEP and adverse media screening.
FacctView, delivered through the customer screening solution, supports real-time sanctions, PEP and adverse media checks.
Facctum’s alert adjudication capabilities help teams investigate, escalate and resolve AML-related findings.
