An Anti-Money Laundering check or AML check is something all businesses at risk of money laundering must complete on all customers before they enter into a business relationship with them.
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Leading anti-money laundering (AML) firm SmartSearch, has launched a new service to help businesses identify the ultimate beneficial owner (UBO) of large corporates.
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Leading UK RegTech specialist SmartSearch has warned against the dangers of rushing through anti-money laundering checks, in a bid to beat the upcoming stamp duty holiday deadline at the end of June
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Under anti-money laundering law, all regulated businesses in the UK - which includes financial institutions and those working in other at-risk sectors including legal, property and investment – and all financial institutions in the US, must complete due diligence on all new customers before they embark on a business relationship.
This is a hugely important part of the customer onboarding process; firstly, it is a legal requirement and businesses that do not complete the proper checks can get fined, suspended or even face legal action, and secondly, money laundering is not only a crime in itself, but an enabler for more serious crime, including terrorism, drug and people trafficking and modern slavery.
In our increasingly online world, the risk of fraud and money laundering has never been higher meaning it has never been more important for financial institutions to ensure their customer identification programs get the job done. But this is easier said than done, as despite the increasing need for highly comprehensive identification and verification checks on new customers at onboarding stage, potential new clients still expect a smooth, streamlined, and quick onboarding experience
Leading ID verification specialist SmartSearch has warned of a surge in demand for false identity documents, as the deadline for EU workers to apply for settled status is reached.