Anti-Money Laundering

Is your law firm compliant post-Brexit?

SmartSearch gurantees your firm is compliant now and in the future

How does Brexit affect the UK’s Anti-Money Laundering Laws?

As a member of the European Union (EU), the UK’s anti-money laundering (AML) laws were dictated by the European Parliament’s Money Laundering Directives. But, on 31 December 2020 - four years after the Brexit vote - the UK finally left the EU. So, the question is, what happens to the UK’s regulatory environment now that it is no longer governed by the EU?

KYC does not have to be cumbersome

John continues: “For many accountancy firms, AML is still seen as a huge burden, taking up valuable time and money that could be better spent on servicing their clients. And I completely understand that, particularly over the past year where firms have had to worry about trying to continue to practice during a pandemic.

“Adapting to a remote working model has become the main concern and understandably, AML has fallen down the priority list. But a rush to get online and onboard customers quickly is when compliance starts to slip and this is a dangerous place to be.”

But, says John, KYC does not have to be cumbersome. Online verification platforms offer a simple and secure way to meet AML and KYC obligations, and can be used to onboard clients even under social distancing.

“SmartSearch’s platform - which can be accessed remotely - runs full AML checks with sanctions and PEP screening, hosts all data and then monitors the entire customer database on an ongoing basis.”

Two of the biggest AML risks to an accountancy firm are ID fraud and working with businesses where the real owner is a criminal, but their identity has been hidden using multiple shell and umbrella companies; SmartSearch is able to combat both these threats, as John explains.

“We offer the latest facial recognition and liveness detection techniques enabling us to prove that the person providing the ID and the ID match, while our ‘ultimate business owner’ checks identify and verify the ultimate owners of any corporate customers.

“AML does not need to be difficult - third party providers like us are here to help accountants meet their requirements. Our system can be integrated with any existing client database to make customer onboarding quick, easy and AML compliant.” 

To find out more about how you can protect your accountancy firm with SmartSearch's award winning solution contact us today.

Just a few areas we can help you with:

What is the Money Laundering Directive (MLD)?

The MLD is a framework designed to strengthen the EU's defences against money laundering and terrorist financing. It requires all regulated businesses to verify the identity of their clients, monitor transactions and report anything suspicious. The latest MLD stipulates that electronic verification is used whenever possible.

Who needs to comply with AML regulations?

Any businesses that could be vulnerable to money laundering need to comply with AML regulations. Regulated sectors include legal, accountancy, investment, insurance, property and finance.

What happens if you don’t comply with AML?

Failure to comply with AML laws and regulations has severe consequences, from warning letters and damaged reputations to fines, sanctioning and, in the most serious cases, criminal prosecution.

How do you comply with the AML regulations?

You must carry out customer due diligence - including sanction and Politically Exposed Person (PEP) screening - to ensure your customers are who they say they are. This information must be recorded internally and kept up to date so that you can reassess your business risk if a customer’s circumstances change.

Get the help you need

Our unique verification platform offers the only KYC solution that also provides full Sanction and PEP screening and ongoing monitoring. All checks are automatically saved into the system to ensure watertight record-keeping meaning you can use just one piece of technology for all your AML and compliance needs. 

{{ image_alt:shield.svg }}

That’s where we come in

SmartSearch offers a one-stop-shop for all your firm’s AML requirements. The user-friendly system enables staff at any level to successfully run AML checks, and we are constantly updating and improving the platform to ensure it remains the leading AML solution on the market.

Zie ons product in actie

Laat een lid van ons deskundig verkoopteam een demonstratie geven van het meermaals bekroonde AML-product van SmartSearch

Ontvang een gratis demonstratie