How to comply with the 5th EU AML Directive on 10th January
19/12/19Don’t forget the 5th EU Anti-Money Laundering Directive comes into force in the UK on 10th January 2020 thereby building upon existing legislation with the purpose of effectively tackling the growing global issue of money laundering and terrorist financing.
To clarify, our country currently has its own rules around anti-money laundering, these being the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 and Proceeds of Crime Act 2002. The need for strengthened legislation has arisen in order to align better with the recommendations of the Financial Action Task Force.
One such recommendation by this intergovernmental organisation (Financial Action Task Force) of particular note is undertaking customer due diligence by electronic identification procedures as this type of validation checking is more reliable, secure and quick.
From 10th January, law firms are obliged to apply careful due diligence during client onboarding which means replacing manual, paper-based verification with electronic alternatives. That’s where Quill comes in…
You’ll be relieved to learn that our Interactive legal accounts and case management software already contains an in-built optional AML package. By entering minimum mandatory data, our AML tool allows you to perform sound AML and credit checks as added protection against financial crime.
There’s no upfront cost; just a nominal fee based on search volume charged monthly in arrears.
Visit our AML page to find out more on the benefits and straightforward 5-step process of using our AML system. Contact us to ask about pricing and get set up today.
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