SmartSearch comments on the SRA’s latest anti-money-laundering report

Anti-money laundering experts SmartSearch comment on the Solicitors Regulation Authority’s latest anti-money-laundering report, which found 273 AML breaches.

Martin Cheek, managing director at SmartSearch, said:

“The SRA report has found some reasons for encouragement, however it also highlighted areas that regulated firms can improve upon.

“One positive finding from the report is that the vast majority of firms want to do the right thing, but inadequate processes, training and education are holding back some businesses.

“This is an area where regulated businesses cannot afford to be lax. Money-launderers include some of the worst criminals on the planet, including sex-traffickers, drug-smugglers and even terrorists.

“The report found 273 potential AML breaches, after visiting just 85 firms, so it is clear there are currently holes in businesses AML defences.

“The most effective way for regulated businesses to shore up their AML defences is to use an electronic verification system.

“A digital solution will be able to quickly and efficiently identify the client, run background checks to ensure they are not a politically exposed person, or on a sanction list, and continually monitor them if anything changes in the future.

“This takes all the onus off the regulated business, so they can continue with their day-to-day activities, safe in the knowledge that they are compliant with all the latest AML legislation. And also doing their part to prevent money-laundering.”

Kindly shared by SmartSearch

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