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In the UK, it’s compulsory to comply with anti money laundering regulations. Whether your firm is in the finance, property, insurance or legal sector – SmartSearch can help.
Money laundering is when
criminals integrate their illegally-obtained cash into the financial system, so
it looks like it was earned legitimately. ‘Anti-money
laundering’ refers to the laws, regulations, and procedures designed to prevent
Firms in finance, property,
law and insurance are legally obliged to comply with these AML regulations, as
well as art markets and other high-value dealers. The compliance of these
sectors contributes to the wider battle against financial crime, and protects firms
within them from the risk of money laundering too.
What is a smartsearch?
There are several different key components when it comes to AML checks, but a smartsearch incorporates KYC, PEP and sanctions screening, along with ongoing monitoring and enhanced due diligence. While a fragmented approach to these checks is time-consuming and inefficient, a smartsearch is one simple, holistic compliance solution.
Just like everyone else, criminals are adapting
to a post-pandemic world, and changing their means of operating as much of the
global economy shifts online. From a surge in cybercrime - like phishing
attacks and malware – to an increase in fraud, financial crime is constantly
SmartSearch TripleCheck is composed of three
sophisticated verification methods, which form the most robust anti money laundering solution on
the market. A combination of electronic ID verification, facial recognition and
digital fraud checks, TripleCheck is the most effective way to protect your
firm from financial crime.
Money laundering is a criminal act, punishable
by trial, prison time or fine. There are 5 different kinds of money laundering
offence which include:
Helping a person or firm to
retain the proceeds of crime.
Obtaining, owning or using the
proceeds of crime.
Concealing the proceeds of
crime to avoid detection.
Failing to report suspicious activity
to the authorities.
Tipping off a suspect that
they’re being investigated.
A compulsory part of customer due diligence, KYC
checks drastically reduce the risk of involvement with money laundering, by
confirming your customer’s ID. The SmartSearch platform can quickly and
accurately verify the identity of your client or customer, with no need for
Many financial institutions keep an archive of
detailed records and transactions, in conjunction with software which raises an
alert around any suspicious activity. Record management like this is a crucial
defence against money laundering.
A simple but effective concept, holding periods
are used by many banks to reduce the risk of criminals “washing” their cash by
transferring it. With a holding period, any deposit must stay put in an account
for a specific number of working days before it can be moved.
Regulatory technology (or regtech) uses global
databases and watch lists to run extensive checks, carry out ongoing monitoring
and flag up anything suspect. Regtech platforms – like SmartSearch – are
becoming increasingly advanced, and a foolproof way to ensure your anti money laundering compliance meets recent regulations.
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.
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.
There’s no fixed period between money laundering
regulations changing, as they are often updated to reflect a change in the
economy, technology or tactics employed by financial criminals. The most recent
update was 5MLD, which came into force on 10th January 2020, but it’s
impossible to predict when AML regulations might evolve – so it’s best to leave
your compliance to an expert third party, like SmartSearch.
Encouraged by both the FATF and the FCA, a
risk-based approach requires that firms thoroughly assess the money laundering
threat posed to their business, and deploy an appropriate amount of resources
to counter it. This is a proactive approach which should enable companies to
detect and diffuse any risk of money laundering before it can take place,
whilst using resources efficiently.
If you encounter any suspicious behaviour, you
should fill out a SAR (Suspicious Activity Report) with all the relevant
details, before submitting it to the National Crime Agency (NCA), via the SAR online system. The UK Financial
Intelligence Unit then receives and processes SARs on behalf of the NCA. SARs
can also be submitted anonymously, but your identity will remain confidential
The first European legislation passed in an
attempt to bolster anti-money laundering efforts was the first Money Laundering
Directive, which came into force in April 1994. Since then, 4 further MLDs have
been brought into effect, to provide guidelines for companies in the finance
sector on how to reduce the risk of money laundering.
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