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Whitepaper
AML best practices for Financial Institutions
To launder their money, criminals need to use legitimate businesses – these include law, property, gaming and gambling firms as well as insurance and investment companies – basically any business that deals with client money. But one of the most common targets for money launderers is banks and financial institutions. Money launderers use a wide array of tactics to clean their cash via banks and financial institutions – from setting up shell companies from which to transfer funds into UK banks, to getting ‘mules’ to deposit dirty cash in low volumes, which then is moved around the world – through the banking system. Due to the vulnerability of the banking sector – and its critical importance to the stability, security and prosperity of the entire economy - the financial services industry is one of the most highly regulated sectors in the UK in terms of anti-money laundering (AML) rules.
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Whitepaper
Triple Bureau reliability - ‘The gold standard of AML & KYC’
Digital compliance specialist SmartSearch has recently become one of only two providers in the UK to offer triple-bureau reliability. This means it now uses the data from three credit reference agencies within its award-winning anti-money laundering (AML) and Know Your Customer (KYC) platform, securing its position as ‘the gold standard of AML & KYC’. In this Whitepaper we will explore what this update means, how it has been achieved, and why it is so important.
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Whitepaper
Investment in digital tranformation
Technology never stops, it is always evolving and improving, and to stay current – or better still, ahead of the game – you will need to continually review your systems and processes and the technology that enables them. However, it is not as simple as ‘just get the latest tech’ - not every option will be right for every business and investing in the ‘right tech’ is less about the technology itself, and more about what it achieves, and how that fits in with your overall business strategy. Ultimately, the value of investing in technology can come from enabling the business to deliver new or improved products and services, making the business more efficient or enabling a major transformation
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