Simplify ‘due diligence’ and assess your clients quickly and
easily with this anti-money laundering service from The Searches
Group, an IRIS Solution Partner.
Since December 2007, the regulations stipulate that all
prospective and existing clients are risk assessed for money
laundering and terrorist financing purposes at the start of the
relationship. Accountants are then required to keep the assessment
under review.
To do this easily and as part of your ongoing client
relationship, we have partnered with The Searches Group to give you
instant access to AML Search online. This is a simple to use search
facility that provides a full report of the data and risk profile
for both the people and the business, without diverting your
resources.
This service can be purchased as "pay-as-you-go" with a
Personal search costing £5, and a Non-personal search
£10. However a monthly subscription costs £20, and entitles
you to a Personal search for only £4, and a Non-personal search
for £8.
AML Search is accessible
directly from this page
The service can also be accessed via IRIS Practice Management as
part of the automated workflow of ‘client take on’ or ‘client
maintenance’.
Key benefits
The AML Search facility is very responsive and produces all of
the information it says it will provide. During the last few weeks,
we have taken on a number of new clients and have now conducted
searches on them all. It has become part of our system and, moving
forward, we will be using it to conduct regular searches on
existing clients to comply with regulations. A very helpful
tool.
J.F. Hornby & Co
- A cost-effective way to meet the demands of
the stringent Money Laundering Regulations 2007
- Download a full report showing the data
returned and risk profile used for people and businesses
- Conduct personal and non-personal searches on
public, private, unincorporated companies, partnerships and
charities, quickly and easily
- Interrogates a wide range of ‘best of breed’
data sources and provides a risk profile analysis, giving
an instant positive or negative result for each anti-money
laundering search
The comprehensive AML Search is
designed to simplify the ‘due diligence’ process and to support
accountants
- Verification of client identity
- Understanding the ownership and corporate structure of the
client company and verification of the identity of significant
owners and controllers
- Identification of any third parties involved in the
relationship and anyone who controls more than 25% of the client
entity (10% in the Isle of Man or the Channel Islands)
- Confirmation of the purpose and intended nature of the business
relationship
- Monitoring the ongoing relationship against the expected
profile
- Regard of the Notices issued in relation to UN, UK and EU
sanctions to guard against the risk of handling terrorist
funds
- Check against Politically Exposed Persons lists
