Sanctions checks added to Anti-Money Laundering (AML) feature

Earlier this year, we announced an integration with identity verification system, Credas, allowing you to conduct full Anti-Money Laundering (AML) checks with your clients remotely via their secure Portal. However, as part of your ongoing AML obligations, you are required to monitor the HMT Financial Sanctions List to ensure none of your clients appear on the list.

To help solve this particular pain point (and to eliminate the need for you to frequently download and manually browse thousands of entries), we now automatically check the Sanctions List on your behalf. We check for individuals or entities matching your clients’ details and display the results within the AML section of the Client Dashboard. This feature is included within your normal CashCalc subscription.

For example, if a client of yours possesses a matching name and date of birth with an individual identified on the Sanctions List, this will be highlighted within the AML section of the Client Dashboard. You will then be able to retrieve the necessary information and view the details of their sanction/offence, before conducting further due diligence.

What is the Sanctions List? It is a consolidated list of sanctions placed on individuals and entities by the UK Government. The list details the measure(s) that apply to these entities or individuals. The UK sanctions list provides a statement of reasons for the designation and information related to financial actions such as asset freezing and investment bans.

You also have the option to manually check the entire list from within CashCalc. You’ll be able to search by name and filter by date of birth, nationality, or group type. This information, which is provided by the UK Government, is automatically updated weekly and can be accessed here or by selecting ‘View all sanctions’ when within the AML section of the Client Dashboard page.

By adding Sanctions checks to the existing AML feature, you can now remotely conduct full AML checks (which include address, date of birth, mortality check, Sanction List and Politically Exposed Person check, and ID verification) as well as ongoing Sanctions checks from within your CashCalc account.

Please note, a full AML check will cost £3.20 + VAT per check, whereas this latest development is provided completely free of charge – meaning you can continually use this feature as part of your ongoing AML obligations without any cost.

If you’d like to find out more about the AML functionality which is available to you, or if you have any questions at all, please don’t hesitate to get in touch – we’d be happy to chat and explain how to get the most out of these latest developments.

Further reading: Conduct Anti-Money Laundering (AML) checks via CashCalc