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AML searches for compliance
AML searches for compliance

AML searches for compliance

On 26 June 2017 the changes in UK law in relation to the European Union’s Fourth Money Laundering Directive (EU4MLD) came into force.  This means that an electronic money laundering search is now essential for compliance.

Geodesys currently offers a standard AML search (AML Search v2).  AML v2 provides you with fast and accurate electronic screening of clients.  It includes PEP and Financial Sanctions screening, and is fully compliant with the new regulations.   View full details of data sources screened.

There are, however, other changes that you need to consider to your risk assessment procedures in order to demonstrate your firm's compliance.

An enhanced version of the AML search (AML Search v4), which considers these changes, will be available on our site shortly.  This will extend the features of AML v2, adding automated risk assessments and other tools to your clients' due diligence.  Additional features of v4 include :

  • A unified view of your customer due diligence (CDD).
  • Integral document management to add, manage and certify client documents.
  • Automated record-keeping and audit with secure removal of expired data.
  • Automated screening of Alert Lists, in addition to Sanctions and PEPs.
  • Compliance monitoring of clients and the firm in real-time, with compliance reports available to download.
  • Monitoring of CDD for the life of the relationship through the creation of alerts if the documentation or data is found to be non-compliant.

The real benefit of v4, is that it automates client due diligence, reducing time and costs for your firm. 

 

 

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