Smart Search launches dedicated anti-money laundering service for businesses adapting to remote working
03 April 2020
Experts advise businesses to invest in automated AML platforms as workforces and customers move to work from home
As the nation adapts to remote working for the foreseeable future, anti-money laundering service, Smart Search, has announced the launch of dedicated cover to help businesses remain compliant with money-laundering laws over the coming months.
With the government now stating all non-essential businesses should work from home where possible and minimise the amount of time we spend around other people, experts advise there’s never been a better time for regulated businesses to switch to an automated anti-money laundering (AML) platform.
As money laundering costs the UK more than £100 billion pounds a year¹, John Dobson, CEO at SmartSearch, urges businesses to take note of the following three considerations:
1. Businesses in the property, legal and financial services sectors that are required to run identification and verification checks on customers before conducting any business, and still use physical documents to do so, are really going to struggle. If people are unable to come in with their documents for checking, it won’t matter if the rest of their business can be done remotely – because nothing can happen until those initial checks have been completed. This is why electronic verification is now so important.
2. Switching to an electronic system not only offers consistency but also allows your business to continue, as checks can be done remotely. Electronic systems will also help to save money, as full AML checks can be completed within a matter of seconds. These checks include Sanction, PEP, SIP and RCA screenings on every check, triggering Enhanced Due Diligence automatically for any clients that match, while daily monitoring ensures you are alerted if any of your clients’ statuses change.
3. In January of this year, the 5th money laundering directive came into force and stated that customer due diligence measures should identify the customer electronically wherever possible. It is possible that in a post-Brexit world, the FCA - or whatever agency takes over the control of our money laundering regulations – will take this even further and insist that electronic checks become mandatory. Although we cannot be sure whether electronic AML checks will become compulsory or not, and we don’t know how long our current situation will continue to impact our lives, we do know that using an electronic AML platform is the most reliable, secure and efficient way of conducting identification checks, Enhanced Due Diligence and ongoing monitoring.
John Dobson, CEO at SmartSearch, comments: “It is really hard to see so many businesses unable to continue remotely, however, sectors such as property, legal and financial services shouldn’t suffer due to their AML checks. Unfortunately, we do not know how long this current situation will continue to impact our lives, but we hope by explaining the benefits of electronic verification, businesses will be confident they can continue to remain compliant with money laundering regulations.
“Here at SmartSearch, I am happy to announce that we’re able to offer specific cover to businesses that are being impacted, enabling them to protect their business and continue to work remotely throughout this crisis.”
To find out more, please visit: https://www.smartsearch.com/resources/blog/with-coronavirus-forcing-home-working-and-social-distancing-there-has-never-been-a-better-time-to-automate-your-aml-checks
