Anti-Money Laundering (AML)

Compliance with AML legislation is a high priority for solicitors and other legal professionals, auditors and estate agents. The European Union’s Fourth Anti-Money Laundering Directive June 2017 includes fundamental changes to AML procedures which has a significant impact on law firms, including changes to Customer Due Diligence (CDD) and a strong focus on Risk Assessments.

The penalties for failing to comply with obligations under The EU Fourth Anti-Money Laundering Directive 2017 regulations have increased compared to the 2007 regulations.  In addition to penalties that can be imposed by regulators, including the Solicitors Regulatory Authority and Financial Conduct Authority, the Policing and Crime Act 2017 has increased fines up to £1,000,000 (plus 50% of funds in some cases) and increased prison sentences from 2 to 7 years where ‘the person has breached a prohibition, or failed to comply with an obligation, that is imposed by or under financial sanctions legislation’.

There are 2 ways to comply with AML 2017 regulations.

AML Search v4
AML Search v4 meets and exceeds UK and International Anti-Money Laundering regulatory compliance requirements. It is the simplest way to be compliant with the June 2017 directive. This search represents a leap forward in streamlining and simplifying Customer Due Diligence (CDD) procedures which will dramatically reduce both the time and cost of Anti-Money Laundering regulatory compliance.

AML Search v4 Product Sample - Personal

AML Search v4 Product Sample - Non-Personal

AML Search v4 Product card


AML Search v2
AML Search v2 is still complaint. However, if you continue to order AML Search v2, with the June 2017 changes to the law, there are now other changes to your Risk Assessment procedures that you need to consider in addition, in order to demonstrate your firm’s compliance.

AML Search v2 Product Sample - Personal

AML Search v2 Product Sample - Non-Personal

AML Search v2 Product Sample - International


Compare AML Search v4 with AML Search v2

AML Search v4 Features

  • Automates Customer Due Diligence Risk Assessments
    Simply and quickly records client data and hard-copy documentary evidence. Carry out Simplified or Enhanced Due Diligent Risk Assessment in minutes.
  • Customer Due Diligence Record
    A unified view of CDD. Both Individual (Personal) and Organisation (Non-Personal) CDD records are contained in one fully searchable view. CDD records contain Client Risk Assessments, Compliance Status, Client Data, Documentary Evidence, Relationships, On-going Monitoring and Audit Trail - making it easy to evidence regulatory compliance.
  • Documentary Evidence
    Add, manage and certify Client documents within the CDD Record. Centralising Client CDD documentation protects from the risk of fraud or identity theft, whilst allowing full access to use documentation as a part of a CDD Risk Assessment.
  • Relationships
    Quickly and easily define relationships between Clients, from spouse to family member or Director to Shareholder. It’s easy to further detect and identify risks and allows you to carry out conflict checking in realtime.
  • On Going Due Diligence
    Interactively monitors Risk Assessed Clients to ensure they remain compliant, creating warnings and alerts when data or documentation adversely effects any of Risk Assessments.
  • Audit Data
    Clear, searchable audit data makes it a simple process to understand who did what - and when.
  • Record keeping
    Firms are required to evidence their Client Due Diligence on a per Client and Firm wide basis as required by regulators. There are additional management responsibilities for regulated firms, including a maximum CDD data retention of 10 years. All AML Search v4 data and documentation is monitored, with notifications generated when data or documents expire and require secure deletion.