Most if not all financial advisers know about the need to have effective and robust money laundering controls. What a lot of firms don’t tend to know is the need to ensure that clients with whom they have dealings are also not on the Financial Sanctions list.
Whilst checking the sanctions status of a client can be done by visiting the HMT website the fact is to do it properly, such as re-screening all clients after HMT do updates is both time consuming and onerous.
For £20 per year SanctionsSearch.com can do that for 100 clients, additional client screens are £10 per 100. Once entered into our system we provide a day one screen and then after each and every HMT update we re-screen your client data as part of your membership. The reality of this is you probably could not do the same job for less than the £20 you pay us.
Moreover we provide evidence in your client management section that all of these checks and screens have taken place allowing you to get on with the job of advising your clients.
In addition to this we have also developed a new tool called ValidID that not only verifies the identity of your client, it provides results on any bankruptcies or insolvencies, checks the voters roll, validates passport and driving licence plus several other checks, all aiming to highlight any potential issues when dealing with your client. ValidID is a tool already used by many financial advisers to ensure they know as much information as possible about the individual they are looking to advise, especially if the client is looking to purchase multiple and/or high premium policies.