AEDD is triggered whenever an individual's name is matched on a Sanctions or PEP list. This function uses the input data and matches this against the latest Watchlist Database. When there is sufficient data to confirm the match is a "false positive", the standard MLRO alert is suppressed. The AML certificate is updated automatically to confirm that EDD has been carried out.
The use of AEDD means that over 60% of all Sanction & PEP alerts are dealt with automatically reducing the number of records that require manual intervention to less than 1%, saving our clients considerable time and money.
If there is insufficient data for AEDD to deal with the alert, manual EDD is required and SmartSearch is unique in collating and displaying all the additional information to enable this process. When manual EDD is required the following processes occur:
The user will receive an alert on screen and the MLRO and/or their Deputy will receive an email detailing the name of the individual, the type of alert and the unique SSID (SmartSearch ID) reference to enable the search to be retrieved.
The user can view the supporting biography, adverse media and photographic information to enable the user to make a judgement, “true match” or “false positive”?
The user can mark the record as a false positive and the AML certificate will be updated confirming that EDD has taken place. That individual will only be monitored in future against new entries to the Watchlist Database.
This is another unique feature of SmartSearch and we would recommend you take a webinar demonstration to see how this works.
Much of the Professional Regulated Sector have realised the benefits of operating SmartSearch giving them a single platform for all of their Individual and Business AML, Sanction & PEP compliance requirements. The ability to retain all of their AML verification data and outcomes in a real-time environment where information can be retrieved on demand to satisfy any internal audits or regulatory visits.
Much of the Professional Regulated Sector have realised the benefits of operating SmartSearch giving them a single platform for all of their Individual and Business AML, Sanction & PEP compliance requirements. The ability to retain your AML verification data and outcomes in a real-time environment where information can be retrieved on demand to satisfy any internal audits or regulatory visits; this is just one of the features that saves our clients time and cost and gives them peace of mind to concentrate on their own business matters.
When the Regulator changed from OFT to HMRC this increased the focus on AML, Sanction & PEP compliance. As a consequence an ever increasing number of firms have upgraded their compliance regimes to incorporate electronic verification, demonstrating their compliance with regulations in a much more efficient and cost effective manner significantly reducing their operational risk.
Banks, Building Societies & Financial Communities are steadily catching up with the Professional Regulated Sectors with an increasing number of Financial Organisations switching to SmartSearch for their AML, Sanction & PEP compliance. These Communities are not renowned for being early adopters as they typically have long standing legacy IT systems that usually take several years to implement change.
Networks and Compliance Specialists provide their clients with large range of support products and services. SmartSearch partners with some of the largest Networks to provide their Members with fully integrated cost effective AML, Sanctions & PEP solutions, helping Firms to comply with the latest Money Laundering Regulations.
The offence under Proceeds of Crime Act (POCA) relates to any activity involving criminal or terrorist property. This is a much broader definition than the commonly understood definition of money laundering. A business can commit an offence under POCA by unwittingly facilitating an act of fraud.
In the instant decisioning world of global stock markets “time is of the essence” therefore using traditional documents is a totally ineffective means of complying with AML regulations. Likewise checking against other mandatory data sources such as Sanctions & PEPs on a regular basis is not commercially practical unless this is fully automated.