MILLAR & BRYCE RESPONDS TO TOUGH NEW EU ANTI-MONEY LAUNDERING LEGISLATION
Leading land and property search organisation Millar & Bryce, has launched a new online anti-money laundering (AML) solution for conveyancing professionals that complies with the recently introduced 4th European Money Laundering Directive.
The strict new EU legislation, adopted as UK law in recent months, includes enhanced customer due diligence with a focus on risk assessments and beneficial owners.
Without the appropriate procedures in place, companies face increased fines and even imprisonment.
The new version AML Search, a product of Searches Group* from Millar & Bryce has been designed to meet the new requirements with a simple, pay-as-you-go, secure online service that provides:
- fully automated risk assessments
- online screening of sanctions, politically exposed persons (PEPs) and alert lists
- online monitoring of all risk assessed clients, creating alerts if documentation or data is found to be non-compliant
- simplified and enhanced due diligence, based upon an automated risk assessment
- record keeping and audit with secure removal of expired data
- client and firm compliance monitoring in real-time, with client and firm wide compliance reports available to download
It significantly reduces the administrative time and cost of meeting the new directive which would otherwise require electronic screening, specialist training and dedicated software.
Richard Hepburn, Managing Director of Millar & Bryce said:
“The new legislation brings even more scrutiny to processes at law firms, placing unprecedented demands on solicitors, accountants, estate agents and other regulated businesses, along with the heaviest penalties the industry has so far seen for non-compliance. Our new streamlined system alleviates this additional workload and lets clients focus on their business.”
AML Search, a product of Searches Group, is accessed by logging onto the company’s secure MB Online portal.
Kindly shared by Millar & Bryce