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 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 v4 Features