With the Fourth Anti-Money Laundering Directive having been enacted in in June 2017 the regulatory environment has never been more challenging. Within this regulatory environment Red Flag Alert is working with businesses to ensure its data is supporting their AML processes in the most efficient way.
Anti-Money Laundering (AML) policies, which include ‘Know Your Customer’ (KYC) checks, play a pivotal role in preventing money laundering, identity theft and financial crime such as fraud. Across all industries and sectors, AML compliance is a legal requirement.
The sanction which can be imposed by the FCA on specific individuals can be severe, so understanding the regulations (even for SMEs) is important and claiming ignorance is not an excuse.
At Red Flag Alert, our AML service has:
Our AML service has been developed in conjunction with Begbies Traynor Group PLC and GB Group PLC: a world leader in AML services and ID verification. The development process was extensive and the result is the most comprehensive AML solution in the market today.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017, implementing the EU’s Fourth Money Laundering Directive and replacing the 2007 Regulations.
The 2017 Regulations signal a shift away from a prescriptive approach, towards one requiring regulated businesses to consider and act on the specific risk factors they face.
To ensure compliance with the new law, organisations must introduce preventive measures to prevent the facilitation of nefarious financial activity such as new processes, risk assessments and internal audits. Red Flag Alert’s revolutionary AML checking service should be your first port of call for your compliance needs.
Red Flag Alert can help you to successfully combat the dangers of money laundering and financial crime. The audit trail and information you can access through our database is a critical part of the compliance picture. You can prove that you are proactive by managing your data, tracking changes, recording risk, outlining procedures and organising strategy. The solution is designed with the user in mind. The user interface is simple and our API which allows you to integrate our data is best-in-class.
Please get in touch to see how one of our team can make sure you are meeting your AML responsibilities.
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The Gambling Commission has issued the betting company William Hill with a package of fines worth £6.2 million in response to breaches of anti-money laundering and social responsibility regulations.
The Q4 Begbies Traynor Red Flag Alert Business survey shows an increase in business distress level