AML-inquiry from the bank: what companies should keep in mind?

When a bank sends an AML-inquiry – what does it mean for your business? One of the key responsibilities of a bank is to monitor and ensure the transparency of financial transactions. As part of this duty, banks may send companies AML (Anti-Money Laundering) inquiries. These requests can often cause confusion or raise questions for businesses — why are they being sent, what do they mean, and how should you respond? In this article, Marko Kairjak and Elina Lorens explain what companies should keep in mind.

AML-inquiries are part of the bank’s mandatory due diligence process, designed to meet anti-money laundering requirements. A bank typically sends such a request when it needs additional information about the background of certain transactions, the source of funds, or the company’s general business activity. This need may arise due to factors like unusual transaction volumes, the geographic location of a transaction partner, or other risk-based indicators used in routine monitoring.

Many companies do not have a dedicated client manager or contact person at the bank, meaning the bank might not have up-to-date knowledge of the business. In such cases, further clarification is necessary. Receiving an AML-inquiry is a standard part of regulatory compliance and does not mean that the bank suspects wrongdoing or that there is an immediate problem. However, it’s important to remember that any responses given to the bank may later be used as evidence in proceedings — including tax or competition-related matters. This is why it’s crucial to provide thoughtful and well-considered answers.

When responding to an AML-inquiry, it is advisable to provide thorough, transparent explanations and all relevant supporting documents as early as possible. Doing so can help avoid follow-up queries and save time and resources for both sides. That said, it’s important to be aware that while banks may be willing to answer general questions, they usually do not provide detailed explanations about the reasoning behind specific AML-inquiries. Companies should therefore do their best to interpret and respond to the questions based on the information provided, as banks are not required — and often are not able — to elaborate further.

It’s worth emphasizing that receiving such a request does not mean the company is under suspicion or investigation. It is a routine part of compliance procedures that banks carry out regularly to ensure legal and secure operations.

AML-inquiries should be viewed as an opportunity to help the bank better understand your business model and financial operations. A constructive, cooperative approach not only makes the process smoother but also builds a stronger foundation for working with the bank in the future.