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Anti-Money Laundering regulations -
What do they mean to you?
Tough new Anti-Money Laundering regulations are now in force. Without appropriate risk management procedures in place, legal professionals face the possibility of fines or imprisonment whilst putting their firm’s reputation on the line.
The good news is SearchFlow, the UK’s leading property search provider, introduces a fast, effective, anti-money laundering solution, AML Search, facilitating both conveyancing and anti-money laundering searches in one easy cycle.
Requiring no specialist training, this service is open to any legal professional in advance of carrying out a financial transaction for a client, such as conveyancing, real estate, probate and company formations.
How does it work?
If you are a SearchFlow customer log in to your account as normal to order. Before any transactions can be carried out your Account Administrator will need to sign-up to AML Search, tell us who the firm’s dedicated Money Laundering Report Officer is, define the risk profiles for the type of work you will undertake across the firm and accept the Terms and Conditions.
Once activated, the service is open to any user in the firm. A simple click of a button will lead you to the dedicated AML Search site where you can interrogate a wide range of approved data sources and receive all your Personal
and Non-Personal searches within seconds.
It is competitively priced, compliant with the Law Society guidelines, 2007 Money Laundering legislation and maintains a full audit trail to help you manage your risk.
What are the payment options?
With a SearchFlow account, you will be billed in the normal fashion.
Customers will have the ability to choose which payment type they want after the administrator has set up their AML Search profile and agreed to the Terms and Conditions. Thereafter, all searches will automatically be billed in this pre-selected manner.
• Pay on use service, including full audit trail – recommended
The simplest payment option – includes a charge per transaction to make and download the pdf and is inclusive of full storage facility for future audit. This option allows you to automatically refresh your search for future repeat business.
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Subscription basis, includes full audit trail
This option allows you to make the search, download the pdf and archive for as long as the monthly fee is paid.
• Pay on use search, no audit trail
This is a one-off transaction fee per search with downloadable pdf but with no archive or retrieval available thereafter. You will be required to place reports in your own audited storage system to ensure compliance.
For a full price quotation or more information please call your account manager or email aml@searchflow.co.uk
If you are not a SearchFlow customer, the best way to help you be compliant with these regulations is to open a SearchFlow account today and sign-up to AML Search.
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