Anti-Money Laundering

Is your law firm compliant post-Brexit?

Ensure your compliance with a smartsearch

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?

Our whitepaper sets out to uncover the impact of Brexit upon the UK’s AML laws and what these changes mean for regulated businesses in the UK.

By taking an in depth look into the history of Money Laundering law and the influence of both the EU and global regulators we look at the UK’s position current position and how UK firms can best meet their AML obligations post-Brexit.

Ensuring Solicitors are AML Compliant

As The Law Society says, ‘compliance with money laundering obligations is one of the greatest challenges for solicitors in the UK today’. AML checks for solicitors can be an expensive, time-consuming task, and manual checks can often prove inaccurate, as they’re open to human error.

The SmartSearch platform is the most efficient and cost-effective way of carrying out money laundering checks for solicitors. We offer the only AML solution with full sanction and PEP screening, and ongoing monitoring. Our electronic verification is fast and reliable, and all our checks are automatically saved, so you can retrieve them on demand for audits and regulatory visits. New and existing clients can be onboarded in bulk, so you remain compliant at all times.

Just a few areas we can help you with:

Individual AML and business checks for compliance

By simply entering the individual’s name, address and date of birth, SmartSearch will complete a full AML check - including automatic worldwide Sanction and PEP screening - giving you a clear pass or refer result in a matter of seconds.

AML compliance for UK and international coverage

International verification is challenging due to regulatory, cultural and technological differences between countries. But thanks to our unique ability to integrate multiple data sources, we can verify international individuals and businesses, processing them under the same rigorous standards as our UK checks.

Monitoring and retrospective checks

After initial AML checks have been completed, we continue to monitor all clients daily, alerting you if their Sanctions or PEP status changes. We can also complete retrospective checks on clients to ensure your firm remains compliant at all times.

Enhanced Due Diligence

If SmartSearch matches a client to a Sanctions or PEP list, Enhanced Due Diligence is automatically triggered. Further investigation then removes any false positives and you are only alerted if manual intervention is required.

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.

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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.

See it in action

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