As a solicitor you probably already know the importance of good anti-money laundering controls and processes.
What most firms are unaware of, is the need to also screen client data against the Financial Sanctions list as maintained by HM Treasury.
A lot of electronic tools do carry out sanctions checks, but where they lack fundamentally, is in the fact that electronic screens are merely a snap shot of time. They represent the clients status at the time the check took place. Whilst confirming someone’s identity at a point in time will be completely acceptable, as identity rarely if ever changes, a person’s sanctions status can change from one day to the next. The Financial Sanctions list is an ever changing list which is being updated quite frequently by the relevant authorities.
Understanding this, you will appreciate the need to have a robust on-going process for dealing with the possible sanctions status of all your clients.
Firms mainly use SanctionsSearch.com due to our belt and braces approach to Financial Sanctions when you couple that support with ValidID, which is our electronic anti-money laundering product within SanctionsSearch.com, you then have a complete AML and sanctions solution in one simple and affordable solution.
ValidID not only allows you to confirm your client’s identity but it also validates a myriad of documents (passport and driving licence), it enables you to perform other checks including validating bank account details and national insurance numbers as well as informing you if your client is on the voters roll, has any county court judgements, insolvency or bankruptcies etc.
Once any search has been completed it remains within your account and can be accessed at any time. Printing a hard copy for the client file is also available through your search record. Many solicitors are already using our services not only to maintain their compliance, but ensuring that their firms reputational risk is protected.