The 2007 Regulations outline the requirement for Initial Due Diligence and Ongoing Due Diligence. Under the regulations certain business types are exempt from having to carry out Customer Due Diligence.

For instance the writing of a will is not subject to CDD, however if advice is given to a client at the same time then CDD needs to be carried out.

It is the view of AML Search that CDD is best run on every matter or transaction, irrespective of your history ot trust of your client relationship. Ensuring that your firm's reputation is protected and that it continues to operate within the Money Laundering Regulations is paramount - AML Search provides a simple, easy to operate real-time solution that is low cost and low impact on your firms personnel and customers.

There is no safer integrated method of ensuring that your firm can adhere to its Customer Due Diligence procedures.

Whilst some business types are not subject to Customer Due Diligence under the Money Laundering Regulations firms will find the procedures provided by AML Search necessary to assist in protecting your firm.

AML Search not only provides a complete CDD process for compliance with the 2007 Money Laundering Regulations, but additional protection from identification of individuals who are listed on the Treasuary Sanctions List (it is a criminal offence to transact with an individual or orgainsation listed), the USA Specially Designated Nationals File (transactions in dollars, connected to a US company or US individual are deemed to be covered by the US Patriot Act, even under English Law) in addition AML Search correctly identifies Politically Exposed Persons.

AML Search also includes the powerful Non-Personal AML Search, providing real-time screening of all forms of organisation. It is also necessary to ensure that firms are aware of not only the individuals but the organisations that they transact business with.

What is a high risk customer ? AML Search do not believe that any firm wishes to run the risk of not carrying out appropriate Customer Due Diligence, the penalties in the UK for not doing so include substantial fines and imprisonment.

Low Risk does not mean No Risk. All customers, new and old are a potential risk. Whilst a customer that you have dealt with previously may present a lower risk it does not mean that there is no risk to your firm. It is conceivable that, like a credit check, a customers status may have changed since your last transaction with them. As the judges in the court of appeal have made clear, not knowing will not excuse a firm when it comes to prosecution for not following correct procedures. In addition to following a Risk Based Approach each transaction or matter must be assessed for the potential risk is presents based upon the customer.

AML Search has a in built Risk Based Engine to carry out this assessment for your firm with each customer screened. AML Search also can be used on a transactional bases, meaning it can be easily charged as a full dispersment by all firms. It is always our view that prevention is better than cure.

Up until the 2007 Regulations this could have been considered to be adequate. From the 15th of December 2007 regulated firms are required to implement a Risk Based Approach to Customer Due Diligence (CDD).

AML Search provides a complete Risk Based Approach screening system for both individuals and organisations. No other AML Search or system provides such a complete range of protective searches and procedures.

No. It is the obligation of your firm to implement Risk based Anti Money Laundering Customer Due Diligence Procedures - not your customers. Your firm will be audited and will need to demonstrate that it has robust procedures, records and an audit trail to support its procedures and decisions to act based upon them.

Your industry or governing body will have perhaps published guidance or advise, however the JMLSG (Joint Money Laundering Steering Group) Guidelines have been the approved Treasuary guidelines for some years. They are considered to be the definitive international standard in Anti-Money Laundering.

You can access the JMLSG website and view their comprehensive plain english guidelines here

AML Search allows your firm's nominated officer or MRLO to define specific Risk Profiles based against your transaction or business types. You can have an unlimited number of Risk Profiles to ensure that your personnel always apply the same Risk Based approach to each matter of business.

AML Search also includes a default Risk Profile which will enable your firm to begin CDD procedures immediately.

The 2007 Regulations have been in force since 15th December 2007. All regulated firms are obligated to comply. Firms will be inspected and audited by their governing bodies, for instance for solicitors this is the SRA, for the financial sector this is the FSA.

Failure to have implemented correct procedures has previously resulted in fines or imprisonment, certainly if your firm has failed to suspect financial crime, money laundering or worse terrorist financing, you are likely to be subject to prosecution. In previous cases this has led to imprisonment and the inevitable striking off of lawyers and accountants.

AML Search is a complete Anti-Money Laundering Solution, providing CDD for both individuals and organisations. In additional AML Searhc provide Risk Assessment and Consultancy, online Ask the Expert Guidance and onsite and online Money Laundering training.

Contact our operations team on 0870 914 4141 to find out more about how our services can assist your firm with your compliance with Money Laundering Regulations.