Legal Firms Accountancy Practices Property & Estate Agents Banking & Financial Financial Advisors Insurance Stockbroker & MSB
overview

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.  

The Financial Community provide a wide range of services and products to their clients, and as a consequence many have a complex array of policies and procedures to deal with, plus a range of differing products and clients who have diverse interests and circumstances.   Those could be Individual or Business clients and the financial and reputational risks of getting compliance processes wrong can be substantial and have serious consequences. Some of the effects of this has been seen in recent years by a number of high profile Financial Institutions being fined “eye watering” sums by either Industry Regulators or Governments.

Service provision via internet browser, intranet “single sign on” or API links can make life much easier, quicker and less costly when connecting to the “SmartSearch Way” of dealing with AML, Sanction & PEP compliance.   With a new client when we on-board their customers, we retrospectively batch upload existing customers in to SmartSearch and perform an up to date AML, Sanction & PEP check ensuring you start with a clean compliant position.   Thereafter we monitor all your customers on a daily basis for any changes to Sanctions & PEPs for the duration of your contract, at no additional cost.  

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Banks & Building Societies

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.

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Asset Finance

Asset Finance providers offer financial facilities that allow Businesses to use an asset over a fixed period, in return for regular payments. The Business Customer chooses the equipment it requires, and the Finance Company buys it on behalf of the Business. Examples of Asset Finance would be, a Finance Lease, Operating Lease and Hire Purchase.

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Commercial & Domestic Lending

The Joint Money Laundering Steering Group (JMLSG) is an Organisation made up of Bodies such as the BBA, BSA, FLA, CML and they provide HM Treasury Approved Guidance for the Commercial and Domestic Lending Sectors. Lending Organisations need to identify and verify the identity of all new clients. The level of KYC and CDD needs to be proportionate to the risks involved. Higher risk relationships would include those where the client has not been physically present and requires a higher level of due diligence.

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Invoice Discounting & Factoring

Invoice Finance Companies offer a range of products to fund the working capital requirements of their Clients: these agreements generally fall into two categories; Factoring Agreements and Invoice Discounting Agreements.

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