FRAUD IDENTIFICATION

FRAUD IDENTIFICATION

As an MLRO, COLP or COFA do you know in real time whether an AML search has failed or been referred, or whether an AML search was even carried out? Does your current AML provider allow you to adjust the pass or fail threshold based on your firm’s particular appetite for risk? Do you have the flexibility to add questions that could bring to your attention high-risk cases? The Sindicatum Holdings case is a stark warning that your firm and MLRO are at risk if you do not ensure that staff is complying with the firm’s AML policies, that the policies are fully implemented, and that you have suitable records (the auditor’s mantra is “if it is not recorded, you did not do it .”) The AML module within COMPLETIONmonitor incorporates a holistic Anti-Money Laundering software solution to help the MLRO and COLP protect your firm against regulatory breaches and fraudsters. Benefits of using the AML module:

  • Conducts searches against the Equifax database
  • Automatically flags non-compliant files and allows you to take remedial action
  • Enables the MLRO to set and control their AML policies and procedures by pre-determining which checks are carried out and what pass criteria need to be met
  • Enables the MLRO and compliance officers to demonstrate to the SRA that the firm has a robust systems in place for monitoring compliance and ensuing remediation or any potential breaches of your AML policies & procedures.
  • If integrated with CompletionMonitor, high-risk cases can be automatically frozen, preventing the case from being signed off until further investigation is completed

 

ABOUT OUR AML SEARCHES

COMPLETIONmonitor’s AML Search is a powerful and robust online anti-money laundering and Identity verification service. With the underlying data provided by Equifax, we have access to a range comprehensive and in-depth information. Our AML searches give law firms an effective tool to tackle the threats presented by money launderers and terrorist financers.

Developed for law firms to address the latest anti-money laundering regulations and operational challenges, our AML searches offer an extensive selection of checks on individuals, all available through a single search encompassing proof of residency checks, proof of identity checks and alert notifications. For extra convenience and ease of use, we provide an innovative AML Profile and ‘pass or refer’ outcomes (with warnings where appropriate).

Alert notifications include forwarding addresses, HM Treasury Sanctions, Senior Political Figures, Office of Foreign Asset Control, Royal Mail Redirections, and Halo (Deceased).

The COMPLETIONmonitor AML search is a highly flexible solution, allowing law firms to pre-determine the level of information they require, and what pass standard needs to be obtained. A typical combination of checks may include:

  • Proof of residency
  • Presence on Electoral Roll
  • Directory Enquiry against OSIS data (residency confirmation)
  • Presence of CCJ records
  • Proof of identity checks
  • Date of Birth validation against Insight
  • Date of Birth validation against the Electoral Roll Alerts
  • HM Treasury Sanctions
  • Senior Political Figures
  • Halo (Deceased)
  • Royal Mail Redirections

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ABOUT EQUIFAX

Equifax Ltd is part of Equifax Inc, a global leader in turning information into intelligence. Equifax provides COMPLETIONmonitor with information on businesses and consumers and offers a range of services to assist us in helping law firms effectively target high risk customers and comply with AML regulations.