Wednesday, 2 July 2014

COMPLETIONmonitor’s AML Module Anticipate SRA Risk Concerns

As the Solicitors Regulation Authority (SRA) has identified money laundering as one of the two biggest current risks to law firms, it’s worth reviewing how COMPLETIONmonitor’s Anti-Money Laundering Search module helps law firms spot and mitigate the risk in conveyancing transactions. 

AML Search is a powerful and robust online anti-money laundering and identity verification service. With the underlying data provided by Equifax, COMPLETIONmonitor have access to a range comprehensive and in-depth information that gives law firms an effective tool to tackle the threats presented by money launderers and terrorist financiers.

The risk itself is not new, but the “the techniques used and the context in which it takes place are constantly changing and becoming ever more sophisticated”, according to the regulator. That’s why the SRA has made a priority risk of money laundering stemming from inadequate systems and controls over the transfer of money. 

In short, COMPLETIONmonitor’s AML search:
  • Conducts searches against the Equifax database
  • Automatically flags non-compliant files and allows you to take remedial action
  • Enables the MLRO to set and control their AML policies and procedures by pre-determining which checks are carried out and what pass criteria need to be met
  • Allows Compliance Officers and the MLRO to demonstrate to the SRA that the firm has a robust systems in place for monitoring compliance and ensuing remediation or any potential breaches of your AML policies & procedures.
If integrated with COMPLETIONmonitor, high-risk cases can be automatically frozen, preventing the case from being signed off until further investigation is completed.

We developed COMPLETIONmonitor’s AML search for law firms to address the latest anti-money laundering regulations and operational challenges. The search offers an extensive selection of checks on individuals, all available through a single search encompassing proof of residency checks, proof of identity checks and alert notifications. For extra convenience and ease of use, we provide an innovative AML Profile and ‘pass or refer’ outcomes (with warnings where appropriate).

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