Comply with AML Standards with Geodesys

Did you know an estimated £88bn is laundered in the UK each year? In 2022, the number of Anti-Money-Laundering related fines rose from four to fourteen, highlighting the Government’s and law enforcement agencies' commitment to crack down on solicitors and individuals who break the law or fail to comply with the regulations. Staying compliant as a firm and ensuring you do your due diligence is as important as ever but alarmingly, almost a third of firms are failing with the basics. Likewise, of the risk assessments checked by AML, over 50% were found to not be compliant with Money Laundering Regulations: the issue is clear. So, what can you do to make sure you stay compliant?  

Understanding the regulations is crucial for your firm. The regulations are designed to keep your firm and your clients safe, as well as ensuring businesses adhere to ethical, legal and social standards. Making sure all your team is up to speed with the regulations, processes, and any changes, can proactively identify and mitigate risks, avoid costly penalties, and maintain the trust of their customers. We offer bespoke training sessions, both online and in person, for our clients on a range of topics, including AML.  

Knowing your customer is another important part of ensuring you’ve done your due diligence. Client onboarding comes with a high level of risk, so knowing as much about your client as possible helps limit this risk to your practice.  

We offer both personal and non-personal digital AML checks, all accessible from our ordering platform, that are fully compliant with the EU’s Fourth Money Laundering Directive. They are quick and simple searches that verify the identity of your customer in real time offering the following benefits:  

• Electronic screening and automated risk assessment  
• integral document management to add, manage and certify client documents  
• automated record keeping and audit with secure removal of expired data  
• compliance reporting, with downloadable reports  
• screening of alert lists to ensure ongoing due diligence. You will receive an automated alert if the documentation or data is found to be non-compliant.

We always use high-quality data sources ensuring early detection of any risk and giving you peace of mind. For more information about our AML offering click here. Our clients that use our digital AML checks only have good things to say about it:

"Your AML offering supports our CQS compliance and integrates seamlessly with my ordering process."  

Making sure your firm remains compliant at every step of a transaction is crucial for avoiding fines and damage to your reputation. Our upcoming webinar: Supporting your AML Compliance, will look at how you can ensure you're fulfilling your due diligence, as well as providing an overview of the AML service Geodesys provides. To find out more about the webinar or to sign up, click here.