If your business needs to carry out money laundering checks, there are several responsibilities you need to meet. These responsibilities include carrying out customer due diligence, risk assessments, and record keeping. However, knowing which responsibilities your business needs to...

You always need to be on the lookout for money laundering, but do you know what the most common warning signs are? This list isn’t comprehensive, but it contains four common warning signs you should be aware of. 1. Unusual Clients You might have some clients that you can’t understand...

Around the world, banks and financial institutions are required to comply with a variety of laws and regulations targeting financial crime. One of these regulations is the Anti-Money Laundering Regulation, which encompasses Know Your Customer (KYC) checks. KYC checks are in place to...

Anti-money laundering (AML) regulations in the UK are designed to prevent money laundering and terrorist financing activities, so they play an important role in fighting crime. These regulations apply to all financial institutions, including lenders, and require them to implement...

In August 2022, the Register of Overseas Entities (ROE) came into force, created from the Economic Crime (Transparency and Enforcement) Act 2022. It’s important to understand these changes so they can form part of your due diligence and Anti-Money Laundering checks. So, do you know...

Your company may be required to carry out ongoing monitoring of your customer’s accounts to prevent money laundering. However, this monitoring can become time-consuming and problematic if you’re using manual systems. So let’s take a look at what checks are required and some of the...

What Is Money Laundering? Money laundering is the process of making large amounts of money generated through criminal activity appear as though it has come from a legitimate source. The money from the criminal activity is considered dirty and the laundering process makes it look...

Many businesses rely on partners, suppliers, agents, and various other third-party services. These services can be a great way to build a business, outsource tasks and manage fluctuating operational needs. These can be an asset to your business as long as you have properly vetted them...

We’re pleased to introduce our new YouTube channel, home to new tutorial videos. While we have a thorough knowledge base, not everyone likes reading. But hopefully the initial set of clips will help guide you through the functionality within ML Verify. Take a look at the videos, on...

These are unprecedented times for everyone, and whether you’re working from home or being furloughed, it’s safe to say that not many of us know what’s going to happen next. Working Remotely Working away from your usual workplace can be a bit daunting, especially when you have to meet...

Back in April 2018, the European Parliament announced it had adopted the Fifth Anti-Money Launder Directive and subsequency published the final text on 19th June of the same year. Members of the EU were given 18 months to transpose the directive into national law; the UK will...

Streamlining your onboarding process and collecting documents is a key part of your KYC process. But when you’re working remotely with someone, actually ensuring the document is valid can be a tricky process. Technology can play a key part in this process and help simplify and speed...

Property (or real estate) is one of the industries that fall into the category of needing to understand their customers. Under the Money Laundering Regulations 2017, estate agents are required to assess their business relationships and apply appropriate checks to ensure they...

You may only just be hearing the term “KYC”, but there’s a good chance that you’ve had to do one yourself at some point. Many financial institutions for example, carry these out. If you have a bank account, you would have had to undergo a series of checks. In short, a Know Your...

It may be the case that you’ve just found that you need to comply with anti-money laundering laws (AML). If this is your first venture into this area, it may sound like a complete minefield - what do you check? How do you check it? What do you need to verify? The list of questions...

As part of the compliance for anti-money laundering (AML) regulations, you need to ensure that your employees are trained to ensure they know their responsibilities. What’s required? As part of the Money Laundering Regulations 2017, relevant businesses are required to: Ensure...

Like with many things, the world of AML Compliance is full of acronyms. It’s likely that MLRO is just one of the many you’ll come across. MLRO, or Money Laundering Reporting Officer is a role that’s required within a business to comply with the Money Laundering Regulations 2007....

When it comes to AML compliance, PEP is likely to be a term you’ll come across. But if you’re new to carrying out AML / KYC checks, then it may be a bit of a mystery as to why they are of any relevance. What is a PEP? A Politically Exposed Person (PEP), in simple terms, is someone...