X
etsos

Free trial Sign-up

Please leave your name and email and we'll be in contact shortly.

Name

Company

Contact Number

Email

Please complete the sum:        
48 + 4 =

7 ways electronic AML checks can reduce your risk

6th October 2016

Is your agency doing enough to check the risk posed by money laundering to your business? How often are we guilty of taking a copy of a passport and/or utility bill and simply filing them away? Are you checking the legitimacy of the documentation? What do they actually tell you? Does your client pose a risk to the business from a money laundering perspective? Are they on government sanctions lists or are they a Politically Exposed Person?

These are all questions you should be asking yourself as a business; they are certainly the questions HMRC will be asking when they undertake their investigations.

Fraudsters are clever; they are successful because they can navigate the flaws in even the most robust AML systems. There is a recognition of this in the regulations when they talk about taking all “reasonable” steps to deal with the risks. However… no illegal funds need to have passed through your business in order for you to be culpable.

Ensure your business is taking all “reasonable” steps to identify the risk posed by money laundering to your business. We have long advocated electronic checks which have the following benefits over traditional paper based checks:

  • Checks more databases than traditional checks so you can be more confident of the result
  • Interprets the result to provide you with a Pass or Refer
  • Results take 30 seconds to come through
  • Identifies persons on government sanctions lists and Politically Exposed Persons (including UK PEPs, now a requirement under the 4th Money Laundering Directive)
  • Enables you to deal with both clients you meet face-to-face and remote clients and deal with the issue by undertaking Normal and High Risk checks
  • Enables you to take a consistent approach to AML risk across your business
  • Records all your checks for the requisite 5 years

For more information contact Samantha Peacock (speacock@etsos.co.uk) on 01524 220013.

The client and experts view...

  • thumb1
Latest newsspeech Bubble

Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement

Estate Agents are waiting for the big reveal on Monday after Lord Best has admitted some firms could close when the regulation of property agents (ROPA) makes its recommendations to the Government early next week.

Lord Best, the chair of ROPA, has already outlined the working group’s desire for more regulation.

(more…)

[NEWSFLASH] Agent Charged DOUBLE Over AML Registration Mistake

Property Industry Eye (PIE) has highlighted the case of an estate agent who has fallen foul of HMRC and been charged double.

On 4th April, with plenty of time to spare, Hayman-Joyce renewed their annual HMRC registration. They paid the fee and thought they’d ticked all the boxes.

(more…)

Compliance in a Box: The Natural Remedy for Your AML Headache

Estate agents around the country are realising that the new 5th AML Directive goes deep. There’s a lot of work involved in becoming compliant. And the penalties for non-compliance, either deliberately or through confusion, are severe. (more…)

AML Checks: Guide to Uploading the Passport.

The campaign against money laundering has seen the HMRC issue £2.5m of penalty notices since June 2017.

Making sure you’re compliant is vital.

When it comes to carrying out your checks, we supply AML reports as part of our Compliance in a Box service. (more…)

AML Fines for estate agents published

Estate agent anti-money laundering (AML) compliance is under scrutiny again following the publication of figures detailing the fines levied for AML non-compliance. (more…)

divider
newsletter sign-up

Sign up for our e-newsletter

Name
Company
Email Address
trialTop

trial sign-up

Click the Apply button opposite to use our software on a trial basis...

trialBottom
  • etsosnews

  • etsosnews

  • Linkedin Twitter Facebook
    This site uses cookies. Find out more about this site’s cookies.