The need for comprehensive Customer Due Diligence (CDD) has never been more pressing. Strict anti-money laundering regulations and laws are placing unprecedented demands on solicitors, accountants, estate agents and other regulated businesses, along with the heaviest penalties the industry has so far seen for non-compliance. Designed to meet and exceed UK and international anti-money laundering regulatory compliance requirements, AML Search v4.0, from our partner Searches Group, keeps you on the right side of the law, while dramatically reducing the time and cost of compliance.
Following the 4th European Money Laundering Directive (EU4MLD), regulated businesses are now required to carry out risk assessments for every client before starting a business relationship. Doing this manually is expensive, time-consuming and requires specialist training. AML Search v4.0 automates risk assessments, freeing up firms to use their time more productively and profitably.
It’s no longer enough to just take copies of clients’ identity documents for simplified due diligence. Automatic exemptions from enhanced due diligence are also a thing of the past. Instead, screening is now required for all clients. In response, AML Search v4.0 provides automated screening of financial sanctions, Politically Exposed Persons (PEPs) and alert lists.
As well as conducting risk assessments at the start of a business relationship, you’re also required to go on monitoring your clients and ensure that your CDD remains compliant. AML Search v4.0 monitors all your risk assessed clients throughout the entire lifecycle of the relationship, automatically alerting you to any of their documentation or data that’s found to be non-compliant.
Regulated businesses now need to delete their CDD records after 10 years – and to be able to show they’ve done this – or face penalties under the Data Protection Act. AML Search v4.0 avoids the need for dedicated software and archiving systems by automating record keeping and audit, with the secure removal of expired data.