Compliance with AML legislation is a high priority for solicitors and other legal professionals, auditors and estate agents. Under the Money Laundering Regulations 2007, you need to verify the identity of all clients as part of the Customer Due Diligence process. Failure to comply poses many risks including criminal and disciplinary sanctions, civil action and damage to reputation. Verifying the identity of your new client can be hard work when you don’t have the right information. Finding out if they are a Politically Exposed Person (PEP) is a particular challenge.
As well as verifying the identity of customers quickly and with confidence, AML Search:
You can also conduct a simple ID Check. This is designed for firms that do not believe that the type of business they are conducting with a client requires a full AML Search to be carried out. Firms are using this search for business matters including remortgaging where the client is deemed to have been certified by a lender prior to the firm working with the client. Again this is the choice of the firm based upon their own AML Risk Procedures as set by their MLRO.
Need an AML Search? If you’re already an STL customer, please log in at the top of this page. To register for AML, please click here.
Need some help? Please contact us.