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Creditsafe extends product portfolio in response to new money laundering guidelines PDF Print E-mail
Tuesday, 25 August 2015

Creditsafe has extended its online product portfolio to include screening of politically exposed persons (PEPs) and companies affected by financial sanctions as part of day-to-day due diligence processes. 

The Joint Money Laundering Steering Group (JMLSG) has established new guidelines for managing Anti-Money Laundering (AML) and ‘Know Your Customer’ (KYC) processes.  The guidelines state that all FCA registered companies must be fully aware of whom they are dealing with and that it is now compulsory to run detailed checks on customers.  Creditsafe’s new process will help FCA registered businesses stay compliant with the JMLSG’s rules and regulations.

Standard AML checks do not screen clients against Her Majesty’s Treasury (HMT) list, while PEPs are not necessarily included in financial sanction checks.

Creditsafe Compliance Search is an aid to AML compliance allowing individual searches to be run on persons and entities against a wide range of databases, such as Sanctions, HMT sanction regimes, OFAC & Bureau of International Security and Non-Proliferation Sanctions, UNSC Resolutions, EU Restrictive measures, plus many more.

Not only can businesses search for PEPs and sanctions, they can also monitor them through an on-going monitoring facility, where users can add individuals and businesses for review at any point.

Rachel Mainwaring, Operations Director at Creditsafe said: “There is a significantly increased threat of money laundering and fraud activity across the world. We have developed Compliance Search to aid in the due diligence process and help companies conform to the latest FCA compliance regulations.  Our business intelligence solutions increasingly extend beyond driving company performance and limiting financial exposure to minimising compliance and regulatory risk.”

(Source - Creditsafe Press Release)


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