SmartSearch comments: £14,000 fine is “timely reminder” for law firms on Anti-Money-Laundering (AML)

Following the news that a law firm has been fined £14,000 for failing to conduct due diligence with regards to property transactions, John Dobson, CEO of Anti-Money-Laundering (AML) specialists SmartSearch says:

“This is a timely reminder to law firms of their obligations around anti-money-laundering. Law firms have to establish who they are dealing with, and now more than ever, should be adopting electronic ID checks.

“With restrictions on face-to-face meetings still in place all over the country, operating remotely with automated processes should be the go-to for law firms to secure against money-laundering and fraud. Even when we return to being able to meet face-to-face electronic ID checks are accurate, reliable, more cost effective and a more efficient method than checking a physical ID as forgeries have become incredibly sophisticated.

“To truly know your client, electronic verification simply requires their name and address, a date of birth is optional. Then in two seconds you will have multiple proofs of identity from independent and robust sources.

“Businesses can be up and running with a full one-stop-shop electronic AML platform that partners with the world’s best data suppliers in 24 hours. This will deliver completely reliable ID verification with automatic global sanctions and PEP-screening with ongoing monitoring in a matter of seconds, ensuring your firm remains AML-compliant at all times”.

Kindly shared by SmartSearch

Main article photo courtesy of Pixabay