Frequently Asked Questions
AML Search v4.0, an introduction
Last Updated 8 years ago
AML Search v4 builds upon AML Search v2's robust data analytics to include fully automated Risk Assessments, Compliance Reporting, documentary evidence management, on-going monitoring and automated record keeping.
AML Search v4 represents a leap forwards in the streamlining and simplifying of a firms CDD procedures which dramatically reduces both the time and cost of Anti-Money Laundering regulatory compliance.
AML Search v4 automates Customer Due Diligence Risk Assessments to enable your users to simply and quickly enter Client data, include documentary evidence and carry out a Simplified or Enhanced Due Diligence Risk Assessment in a few minutes.
Our unique automated Risk Assessments mean that you no longer have to manually risk assess your clients, dramatically reducing the time, risk and cost of demonstrating your compliance.
Personal AML Risk Assessments can include independent data verification including*;
Non-Personal AML Risk Assessments can include independent data verification including*;
* Subject to Risk Assessment criteria and data availability
You can opt to use our range of pre-defined Risk Assessments or easily define your own criteria. Firms can implement AML Search quickly and easily to as many locations and users as is necessary, and our pay-as-you-use pricing model means there are no seat licenses or up front costs.
The CDD record for a Client contains your Risk Assessments, Client Data, Documentary Evidence, Client Relationships - which aids in your conflict checking and provides a complete audit trail, making it easy to evidence your regulatory compliance.
AML Search v4 represents a leap forwards in the streamlining and simplifying of a firms CDD procedures which dramatically reduces both the time and cost of Anti-Money Laundering regulatory compliance.
RISK ASSESSMENTS
Regulations make it mandatory for firms to carry out Risk Assessments on their Clients as a part of their Client Due Diligence, we recognise that this is both a time consuming and expensive process that requires specialist training.AML Search v4 automates Customer Due Diligence Risk Assessments to enable your users to simply and quickly enter Client data, include documentary evidence and carry out a Simplified or Enhanced Due Diligence Risk Assessment in a few minutes.
Our unique automated Risk Assessments mean that you no longer have to manually risk assess your clients, dramatically reducing the time, risk and cost of demonstrating your compliance.
Personal AML Risk Assessments can include independent data verification including*;
- Multiple Hard copy documentary evidence (including Passports & Driving Licenses)
- Multiple confirmations of Identity
- Multiple confirmation of Address
- Multiple Date of Birth matching
- Multiple Alert Sources & Financial Sanctions Files
- PEP (Politically Exposed Persons List)
- CIFAS (UK Fraud Prevention Service)
- Full Electoral Roll
- Bankruptcy Records
- County Court Judgements
- Deceased checks
- Full Financial Records (Shares Data) checks
- Specially Designated Nationals File
- UK, European and US Sanctions Lists
- Financial Times Shares Index
Non-Personal AML Risk Assessments can include independent data verification including*;
- Multiple Hard copy documentary evidence
- Full Company name as registered
- Registration Number
- Registered Office
- Business Address
- National and International Direct and Ultimate Parent(s)
- Name, Address and Date of Birth of all Directors (or equivalent)
- Issued Share Capital
- Identification of Directors and Officers
- Solvency Status
- County Court Judgements
- Identification of Beneficial Shareholders (25%+)
- Identification of Non-Beneficial Shareholder Information (less than 25%)
- Subsidiaries and Associated Companies
- Multiple Alert Sources & Financial Sanctions Files
- Optional Real-time relationship screening of Officers
- Optional Real-time relationship screening of Shareholders
- Optional Real-time relationship screening of parents and subsidiaries
* Subject to Risk Assessment criteria and data availability
QUICK IMPLEMENTATION
Its a simple, straightforward process to implement AML Search v4 within your firm.You can opt to use our range of pre-defined Risk Assessments or easily define your own criteria. Firms can implement AML Search quickly and easily to as many locations and users as is necessary, and our pay-as-you-use pricing model means there are no seat licenses or up front costs.
THE CDD RECORD
AML Search v4 introduces a unified view of your Client CDD. Both Individual (Personal) and Organisations (Non-Personal) CDD records are contained in one fully searchable view.The CDD record for a Client contains your Risk Assessments, Client Data, Documentary Evidence, Client Relationships - which aids in your conflict checking and provides a complete audit trail, making it easy to evidence your regulatory compliance.
REGULATORY COMPLIANCE
AML Search v4 has been designed to meet and exceed Anti-Money Laundering compliance requirements including;- Fourth European Money Laundering Directive (EU 4MLD)
- United Kingdom Money Laundering Regulations/Laws
- Joint Money Laundering Steering Group (JMLSG)
- United States Patriot Act
- Sarbanes–Oxley
- The Law Society
- The Solicitors Regulatory Authority (SRA)
- Financial Action Task Force (FATF)
- Financial Conduct Authority (FCA)
- International Bar Association (IBA)
- Council for Licensed Conveyancers (CLC)
- Council of Mortgage Lenders (CML)
- Institute of Financial Accountants (IFA)
- Association of Chartered Certified Accountants (ACA)
- Institute of Chartered Accountants in England and Wales (ICAEW)