Bank Statements for Anti-Money Laundering (AML): The Challenge
AML compliance officers need to review bank statements to identify suspicious transactions, unusual patterns, and politically exposed person (PEP) activity.
How BankScan AI Helps with Anti-Money Laundering (AML)
Convert bank statements to searchable, sortable spreadsheets for systematic AML review, transaction pattern analysis, and suspicious activity report preparation.
How It Works
Upload your bank statement PDF
Supports all major banks. Ongoing monitoring typically reviews 3-12 months; enhanced due diligence on high-risk clients may require 2+ years of transaction history of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Transactions inconsistent with known client profile, cash de you need.
Use for anti-money laundering (aml)
Download a clean Excel or CSV file formatted for anti-money laundering (aml). Sortable by amount (descending) to identify large transactions, filterable by transaction type, with counterparty names searchable for sanctions list cross-referencing
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for Anti-Money Laundering (AML)
- Built for Anti-Money Laundering (AML) — Convert bank statements to searchable, sortable spreadsheets for systematic AML review, transaction pattern analysis, and suspicious activity report preparation.
- Key data extracted — Transactions inconsistent with known client profile, cash deposits near reporting thresholds (structuring), international transfers to high-risk jurisdictions, rapid movement of funds through accounts
- Deadline ready — Suspicious Activity Reports (SARs) should be filed with the NCA promptly; consent SARs require a response within 7 working days plus a 31-day moratorium period
Legal & Regulatory Context
Bank statements for anti-money laundering (aml) are typically required under: Proceeds of Crime Act 2002 sections 327-329; Money Laundering Regulations 2017 (SI 2017/692); FCA Financial Crime Guide (FCG)
- Typical timeframe: Ongoing monitoring typically reviews 3-12 months; enhanced due diligence on high-risk clients may require 2+ years of transaction history
- Required by: Money Laundering Reporting Officer (MLRO) at the regulated firm, supervised by the FCA, HMRC, or relevant professional body (e.g. ICAEW, SRA)
What Data You Need for Anti-Money Laundering (AML)
When preparing bank statements for anti-money laundering (aml), these are the key data points Money Laundering Reporting Officer (MLRO) at the regulated firm, supervised by the FCA, HMRC, or relevant professional body (e.g. ICAEW, SRA) look for:
- Transactions — Transactions inconsistent with known client profile
- cash — cash deposits near reporting thresholds (structuring)
- international — international transfers to high-risk jurisdictions
- rapid — rapid movement of funds through accounts
Formatting Your Statements for Anti-Money Laundering (AML)
Getting bank statements right for anti-money laundering (aml) requires attention to specific formatting requirements:
- Sortable by amount (descending) to identify large transactions, filterable by transaction type, with counterparty names searchable for sanctions list cross-referencing
- Deadline pressure: Suspicious Activity Reports (SARs) should be filed with the NCA promptly; consent SARs require a response within 7 working days plus a 31-day moratorium period
Prepare Statements for Anti-Money Laundering (AML) — Fast
Suspicious Activity Reports (SARs) should be filed with the NCA promptly; consent SARs require a response within 7 working days plus a 31-day moratorium period
Convert for Anti-Money Laundering (AML) — Free