SmartSearch launches webinar series as part of electronic verification uncovered campaign

As part of its electronic verification uncovered campaign - which surveyed 500 regulated businesses, SmartSearch discovered 48% of UK regulated firms reported a rise in financial crime attempts in the past 12 months. However, a significant number of businesses say they are not aware of the change in legislation that endorses electronic verification. In response, SmartSearch will host a series of thought-provoking webinars detailing the importance of the sanctions imposed on Russia, how this might affect regulated businesses and how to navigate its compliance challenges.

Background

Putin’s attack on the Ukraine has posed a huge risk for regulated businesses all over the UK. As tougher sanctions are put in place, organisations are becoming increasingly concerned about whether their existing compliance solutions are up to the task. Manual AML checks risk failing the new sanction rules as existing customers who were previously screened and cleared at onboarding, could now be subject to sanctions. SmartSearch's webinar series 'Electronic verification uncovered' evaluates the threats imposed on Russia and how to stay compliant with the recent and any upcoming sanctions imposed.

Live Webinar:

Sanctions on Russia - what this means for your regulated business and how to navigate its compliance challenges

In July & August 2022, AML and regulated industry expert, Martin Cheek will host the webinar series, perfect for regulated industries such as Accountancy, Financial Services, Legal and Property sectors. The focus will be on how the sanctions on Russia have impacted regulated businesses, and how firms can navigate the associated compliance challenges. 

Our latest 'Electronic Verification Uncovered' survey revealed that just 50% of regulated firms had increased their monitoring of existing customers as a result of the recent sanctions, leaving a huge 50% wide open and more vulnerable to being exploited by sanctioned individuals.

Alongside this, the research revealed 63% of firms monitor their existing clients against sanctions and PEP lists as little as once a month or longer, leaving them at risk of missing a newly sanctioned individual whose status has recently changed as a result of the ever-changing nature of the sanctions.

These webinars will aid in ensuring that your regulated firm remains fully compliant with Russian sanctions, protecting your business from significant fines or reputational damage. 

Each webinar will last 30 minutes and attendees can expect to discover:

• Why did the UK government implement the sanctions?

• How do the sanctions affect regulated firms across the UK?

• The necessary measures needed to comply with the sanctions

• The consequences on your business should you not comply 

• How to remain compliant with the recent and any upcoming sanctions imposed

There will also be a Q&A session for you to hear from industry peers and learn from their challenges adapting to the sanctions on Russia. As well as asking any burning questions applicable to your business to future proof your regulated firm's compliance processes.

To find out more and to register for our webinar click here.