It’s critical for regulated firms undertaking certain financial activities to manage Anti-Money Laundering compliance to avoid possible penalties, including fines, reputational impact, and potential imprisonment for senior decision makers. Creditsafe's AML checks bring together hundreds of data sources online in an instant, removing the need for physical storage whilst saving you both time and money.
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What firms need to demonstrate regulatory compliance?
Regulated firms undertaking certain financial activities are required to apply risk-based customer due diligence measures to prevent their businesses from being successfully targeted by money launderers or terrorist financiers. Some of these firms include:
Why use Creditsafe for online Anti-Money Laundering checks?
With your business' compliance and efficiency at the heart of what we do, Creditsafe's Anti-Money Laundering solutions offer enhanced checks that deliver an answer in seconds.
6AMLD Compliance
The implementation of the new EU money laundering directive (6AMLD) came into effect on 6th December 2020 and must be implemented by all relevant financial institutions by 3rd June 2021.
The 6th Anti Money Laundering Directive aims to empower financial institutions and authorities to do more in the fight against money laundering and terrorism financing by expanding the scope of existing legislation and toughening criminal penalties.
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Frequently asked questions
Who needs to run Anti-Money Laundering checks?
Solicitors, accountants, tax advisers, insolvency practitioners, financial institutions, credit institutions, estate agents, chartered surveyors, trust/service providers, gaming companies and high value dealers with the potential for a business relationship worth over £15,000, such as automotive dealers and jewellers.
Why does my business need to perform Anti-Money Laundering checks on its clients?
The Anti-Money Laundering regulations are governed by 4 Acts: The Proceeds of Crime Act, The Serious Organised Crime and Police Act, The Terrorist Act and the Money Laundering Regulations. Failure to report suspicious activity can carry a criminal sentence and lead to substantial fines from the relevant regulatory body.
What is Electronic verification?
In order to prevent fraud and money laundering it is important to verify individuals carrying out financial transactions. Previously, documentary evidence was relied on to verify an individual. These may not always be available and they can also be easily forged or altered, therefore electronic verification provides extra security and reduces risk against money laundering and fraud. Electronic verification also removes the need for the customer to be present, which saves time and helps support customer relationship building. The risk of money laundering is reduced as several data sources are called upon to verify the customer rather than just relying on documentary evidence.
I have dealt with my clients for many years, do I still need to carry out customer due diligence?
You need to keep CDD up-to-date for all your clients. You may have sufficient documentary ID details on your files, but if there has been any subsequent change to their circumstances or risk profile, you should update your CDD. It is advised to review clients’ CDD on a regular basis.