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Prevent financial crime, ensure compliance with anti-money laundering requirements, and protect your firm’s reputation with SmartSearch. We provide tailored compliance and anti-fraud services for banks and building societies, giving you the peace of mind that all your AML requirements are being met.
One of the key ways in which criminals launder money is through the UK’s financial services sector, meaning banks and building societies are at particular risk of being targeted by money launderers. dirty cash. Therefore, any banks or building societies that do not have robust risk-based anti-money laundering processes in place are at heightened risk of enabling serious organised crime such as trafficking in people, drugs, and weapons, and funding terrorism. Banks and building societies that do not comply with their AML obligations face multi-million-pound fines and reputational damage.
SmartSearch is a comprehensive all-in-one AML solution for banks and building societies, offering customer identification and verification - including sanction and PEP screening - and ongoing monitoring via one simple-to-use platform. The platform is automatically updated to reflect any changes in AML regulations, enabling banks and building societies to easily and effectively mitigate the risks of money laundering, meet all their legal obligations, and protect their professional reputation, all from one place.
Tailored AML Products For Banks And Buildings Societies
From identification and verification, to screening, monitoring and record keeping, we offer the most reliable and robust AML, compliance and fraud prevention solutions on the market and each product in our suite of solutions can be tailored to your firm’s individual compliance needs.
Our cloud-based software can be integrated into your existing systems, making customer onboarding simple and removing the risk of error through re-keying of customer data. We also have a fully integrated SmartSearch app which enables users to run comprehensive checks from any handheld device, delivering a pass or fail result in seconds, so you can onboard customers remotely safe in the knowledge all results will be recorded in the central database.
SmartSearch has been a real blessing to Kingdom Bank over the past few years. Their use of AML checking and incorporating of PEPs and Sanctions screening is great and has assisted the Bank with any ongoing or enhanced due diligence that has been required. Sam Hind Compliance Officer
SmartSearch has been a real blessing to Kingdom Bank over the past few years. Their use of AML checking and incorporating of PEPs and Sanctions screening is great and has assisted the Bank with any ongoing or enhanced due diligence that has been required.
There are three stages in the money laundering process, but it is most easy for Banks and Building Societies detect during the first stage, which is placement. During the placement stage, cash is broken up into smaller amounts, and moved around in an attempt to put distance between the money and its illegal origins. Some launderers may make deposits in shell bank accounts at this point – and these can be easy for financial institutions to spot, if they appear in a large lump sum or a suspicious number of smaller deposits. Shell bank accounts are also used in the second stage of money laundering – layering – where the money is passed through multiple transactions and movements to “wash” it, but this is often harder to detect.
Banks and Building Societies in the UK can prevent money laundering by following the AML regulations from the FATF, and meeting the guidelines from the FCA. That means implementing a risk-based approach, with an extensive screening process including KYC, PEP and sanctions checks, as well as ongoing monitoring and Enhanced Due Diligence on any matches. KYC checks specifically can be used to prevent the creation of shell accounts by those who have a history of financial crime, as they enable you to verify the identity and reputation of your clients and customers, before you enter into business with them.
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