Smartsearch resources

What does the rise in hybrid working mean for AML compliance?

What does the rise in hybrid working mean for AML compliance?

For many years now, electronic verification (EV) has been seen as the most reliable and robust way of completing AML checks, with regulators across the world pushing firms to use it as a preferred solution.

And now, as a result of the pandemic, not only is EV the most reliable option, but it is also the only viable one.

Unlike manual checks, which are time consuming and open to error, electronic verification is quick, secure and reliable, offering a consistent approach to AML procedures. 

By using cloud-based technology, electronic AML platforms offer a quick, easy and secure way for regulated businesses to not only run full AML checks from the office, remotely or a mix of the two, but also, to ensure all record keeping is up to date and fully compliant.

Share this

See our other popular articles

{{ image_alt:istock-1259283903-1641816148.jpg }}
{{ image_alt:international.png }}
Whitepaper
Perpetual Know Your Customer (pKYC) - Why should you move to a dynamic AML program?

Perpetual Know Your Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process. The latest concept within customer due diligence, pKYC is gaining traction because, not only does it offer a much more dynamic and secure risk management solution now but will automatically evolve as clients’ circumstances change thereby reducing risk and the level of period work required by regulated firms, which is why it is fast establishing itself as the future of KYC. 

{{ image_alt:laptop-data.jpeg }}
{{ image_alt:international.png }}
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. 

{{ image_alt:banking-sector.jpg }}
{{ image_alt:uk.png }}
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?

Sign up to our newsletter to receive news, resources and updates straight into your inbox!

By submitting your email address, you consent to us sending you emails about news, case studies, resources and updates. To find out more, visit our Privacy Policy.