Q&A Series – Club and Society Identification ProcedureMarch 6, 2019
A Mandate for Regtech: The 5th Anti-Money Laundering DirectiveSeptember 3, 2019
A Guide to Enhance your AML Compliance Knowledge, Methodology and Procedure.
What is Money Laundering? Money laundering is the process by which criminals try to hide the origins of the proceeds of their crimes, making it look like those proceeds were acquired legally.Similar processes are often used by those seeking to disguise the source of terrorist funds. It can take a number of forms:
- Handling the proceeds of crime
- Being directly involved with criminal or terrorist property
- Entering into arrangements to facilitate the laundering of criminal or terrorist property
- Investing the proceeds of crime into other financial products, property purchase or
What is AML? AML refers to the legislation that requires regulatory bodies to act against the financial crime of money laundering. In practice, this means organisations MUST have preventative practices in place that will help facilitate the fight against financial fraud.
Avoid the Hurt of Non-Compliance Members of your staff could be caught up in the commission of money laundering offences if they suspect money is being laundered and either become involved in the illegal act in some way or do not report their suspicions in the prescribed manner. But regardless of criminality, failing to comply with the regulations can mean a hefty fine. The largest fine so far for an estate agent failing to follow correct procedure is £215,000.Veriphy will help you undertake the responsibilities, procedures and controls that will allow your firm’s compliance with the UK’s anti-money laundering regime, specifically:
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- The Proceeds of Crime Act 2002
- The UK's Terrorism Legislation
When to Check? Customer Due Diligence should be carried out:
The results of checks should be kept for a period of 5 years from the end of any client relationship.
- When a new customer is acquired
- On purchasers as well as vendors of property
- When an occasional transaction is carried out
- If there is suspicion of money laundering or terrorist financing
- If there are doubts about previously obtained customer information
- When a risk assessment on an individual customer deems it necessary
Veriphy Comes to the Rescue
Veriphy will achieve this by helping your firm establish these procedures to address AML risks:
- Customer Due Diligence
- Monitoring and Controls
- Disclosure of Suspicious Activity
- Record Keeping
So, Veriphy can give you the Three Pillars of Compliance to form the foundation of your firm’s anti-money laundering approach:
*Procedures should be carried out on a risk sensitive basis, taking into account the type of business transacted, and should be regularly assessed by your firm’s management in conjunction with the Nominated Director / Money Laundering Reporting Officer (MLRO) to ensure their ongoing effectiveness.
- 24/7 access to our powerful full-suite checking platform including our online AML checks
- 24/7 access to our comprehensive online CPD-certified AML training module
- A bespoke AML policy document covering your firm’s obligations and practice
With Veriphy in place, you will have to hand the perfect way to balance efficient, friendly client onboarding, with the vital need to avoid costly and possibly terminal regulatory pitfalls.
Simplifying the complexity of compliance for a fast, robust onboarding experience for your clients.
Protect your Business with our AML Compliance Solutions
Want to learn more about Anti-Money Laundering? Download our free guide.
What are the Pillars of AML Compliance?