Press Release SmartSearch warns against risk of GDPR breaches Leading anti-money laundering specialist SmartSearch has warned many businesses may be at risk of being in breach of GDPR rules, due to a lack of secure data hosting.
Whitepaper Manual verification checks vs electronic verification - why make the switch? Under anti-money laundering law, all regulated businesses in the UK - which includes financial institutions and those working in other at-risk sectors including legal, property and investment – and all financial institutions in the US, must complete due diligence on all new customers before they embark on a business relationship. This is a hugely important part of the customer onboarding process; firstly, it is a legal requirement and businesses that do not complete the proper checks can get fined, suspended or even face legal action, and secondly, money laundering is not only a crime in itself, but an enabler for more serious crime, including terrorism, drug and people trafficking and modern slavery.
Press Release AML and identity checks: Lessons learned from the NatWest case NatWest’s landmark money-laundering case has dealt a huge blow to consumer trust in online banking; an industry that more than three quarters (76%) of UK consumers already admit they don’t fully trust, according to research from anti-money laundering specialists, SmartSearch.The ongoing lawsuit being faced by the high street bank has put others on high alert to the threats and scale of money laundering in the UK, but experts warn this case is the tip of the iceberg when it comes to financial crime in the UK.So, what can businesses learn from NatWest to avoid the same costly pitfalls?
Whitepaper What is anti-money laundering Illegal arms sales, smuggling, and organised crime such as drug trafficking, people trafficking and prostitution rings, can generate huge amounts of money, as can ‘white collar crimes’ including, insider trading, bribery and computer fraud schemes.
Whitepaper Regulatory AML requirements in the financial sector After the September 11 terrorist attacks, numerous initiatives were introduced to increase national security and combat terrorist activities, the most significant being the introduction of the USA PATRIOT Act (commonly known as the Patriot Act), which was signed into law on October 26, 2001.