Your complete and safe solution for Business Anti-Money Laundering Checks
Firms are required by law to verify businesses and the individuals that control them. This can vary dependent on styles and levels of businesses but, ultimately, failure to comply can leave the assigned Money Laundering Regulation Officer and the business open to prosecution for non-compliance.
SmartSearch is the first platform of its type to enable you to research a business, verify the structure, identify the Beneficial Owners, Directors, Partners or Proprietors, and perform an AML check on the appropriate individual’s details, all in one place, producing the all-important AML certificate.
Business AML Checks
Under the Money Laundering Regulations firms are required to verify businesses, who are the customer and take adequate measures to verify the identity of the individuals that control them. The first stage in this process is to verify the business and to obtain evidence that the business exists at the given location.
The penalty for dealing with any person or business named on a Sanctions List is either a fine or imprisonment for the person responsible for company's compliance - normally the Money Laundering Reporting Officer (MLRO). There is also a requirement to conduct Enhanced Due Diligence (EDD), on any Politically Exposed Persons (PEPs) that you might be transacting with. It is therefore necessary to check all new clients, both businesses and individuals against official Sanctions and PEP lists.
Electronic verification with the SmartSearch is very effective as a main system of anti-money laundering identity verification procedures or as a supplement to your existing methods for those awkward cases that from time to time arise, allowing you to commence work with only the minimum amount of fuss in a cost effective manner.
The articles and information in this newsletter are provided as general guidelines only and may be subject to change. They are not intended to act as a replacement or substitute for professional advice. You should contact our BTC advisors to discuss any actions you may wish to take based on the information included in this publication. Business Tax Centre Limited disclaim any responsibility for actions taken on this information alone.
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Business Tax Centre Limited is regulated by the AAT, Stephen O'Neill is licensed and regulated by the Association of Accounting Technicians to provide services in accordance with license No.443 details of which are displayed at the registered office address.
Stephen O'Neill is licensed and regulated by the Association of Accounting Technicians to provide services in accordance with license No.443 details of which are displayed at the registered office address.
Stephen O'Neill is licensed and regulated by the Association of Accounting Technicians to provide services in accordance with license No.443 details of which are displayed at the registered office address. 
