Customer verification (CDD) is at the heart of the Money Laundering Regulations. Whereas CDD has many elements, it is identifying and verifying the customer’s identity on the basis of documents or information, obtained from a reliable and independent source, according to the risk assessed, which is the key. Do you know your customer?
It is also identifying and verifying any ‘beneficial owner’. This means any individual who ultimately owns or controls, whether direct or indirect ownership or control more than 25% of the shares or voting rights in a company, or more than a 25% share of the capital or profits of a partnership. It also extends to ‘shadow’ directors or partners, those who exercise control over then management.
The burden of responsibility has now extended to the fields of financial crime, bribery or corruption with the introduction of the Bribery Act 2010. This brings more firms and businesses into the regime of risk and verification.
For company’s this may mean obtaining copies of incorporation documents, annual returns and details of any recent changes. For an individual this may be a simple verification search.
SmartSearch is truly unique; it is the only single platform that can perform AML verification on both Businesses and Individuals with full Sanction, PEP Screening and ongoing monitoring. Additionally, SmartSearch also provides a unique “Alerts Service” that triggers an email alert to the Money Laundering Reporting Officer (MLRO) when high risk Sanctions (SDN & Terrorist) or Politically Exposed Persons (PEPs) warnings have been encountered. This allows your MLRO to retain control of the enhanced due diligence process ensuring your business is protected and compliant.
Read more from Smart Search view their website to give an overview of our unique platform.
Many of the fines and penalties imposed by the Regulators are for “not being able to demonstrate that such checks have been undertaken”. With SmartSearch we provide a full audit log of every search undertaken detailing the subject, the processor and a time, date stamp. SmartSearch is also unique in its ability to provide an “Alerts Service” that triggers an email alert to the Money Laundering Reporting Officer (MLRO) when high risk Sanctions (SDN & Terrorist) or Politically Exposed Persons (PEPs) or Deceased warnings have been encountered. This allows your MLRO to retain control of the enhanced due diligence process ensuring your Business is protected and compliant.
BTC Corporate and Compliance has a range of search options available to help you fulfill your obligations. We have a range of company searches, both UK and international, individual verification reports and worldwide PEP and Sanctions reports.