Banks and Building Societies offer a vast array of services and products to their clients, and as such have a complex array of policies and procedures to deal with a range of differing products and clients with diverse interests and circumstances. Those could be Individuals or Business clients and the financial and reputational risks of getting it wrong can be substantial and have serious consequences. The effects of this can be seen by a number of high profile Banking Institutions being fined in recent years over AML indiscretions.
SmartSearch is currently the only single platform that can perform AML verification on both Businesses and Individuals. The standard AML service also includes full Sanction and PEP Screening with ongoing monitoring of all clients. Additionally, SmartSearch also provides a unique “Alerts Service” that triggers an email alert to the Money Laundering Reporting Officer (MLRO) when high risk Sanctions (SDN & Terrorist) or Politically Exposed Persons (PEPs) warnings have been encountered. This allows your MLRO to retain control of the Enhanced Due Diligence process ensuring your Business remains protected and compliant.
The following three factors make Money Laundering and Financial Crime an increasingly important Operational Risk for Banks and Building Societies going forward.
There are, however, still actions that Operational Risk Managers can take to reduce potential exposure. In Money-Laundering as in other areas of Financial Crime, bona fide efforts to address problems will be a powerful mitigating factor when the Regulators come to decide on the size of penalties to impose.
The SmartSearch Ongoing Monitoring Service is an excellent way to internally audit your Sanction and PEP Compliance to ensure none of your clients appear on any of our 1,000+ Sanction Lists. Going forward we will then monitor all your clients on a daily basis as we update the Dow Jones “Watch List” daily ensuring your Business remains Sanction vigilant and compliant.
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