EU 4MLD Compliance

The 4th European Money Laundering Directive

On the 26th June 2017 the changes in UK law in relation to the 4th European Money Laundering Directive (EU4MLD) come into force.

What does that mean to my firm?

If you are an existing AML Search v2 user and screen all of your Clients using AML Search v2 then you may only need to review and update your Risk Assessment procedures and AML Search Risk Profiles to reflect any changes in your internal procedures.

If you are an existing AML Search v2 user and do not currently screen all of your Clients using AML Search v2 then we recommend that you review the new regulations relating to Simplified and Enhanced Due Diligence.

If, like many firms, you simply take a copy of a Client's identiy documents, your procedures and processess are likely to have to change significantly to be able demonstrate your compliance with the new regulations and laws.

Evidencing your compliance does not have to have a significant impact. Over 17,000 users reply upon AML Search to provide simple workflows, and accurate compliant Client Due Diligence, reducing the time and expense of demonstrating AML compliance.

The regulations are clear - there is no longer an automatic exemption from undertaking Enhanced Due Diligence, as opposed to Simplified Due Diligence, which has often been undertaken by simply obtaining a copy of a Client's Identity documents, for example a Passport and Driving License. Firms will be required to be able to demonstrate their Risk Assessment of Clients and evidence they have identified the Client and screened them against alert sources including Sanctions and PEPs in order to demonstrate their compliance.

There are additional requirements for the time that firms have to be able to demonstrate and deliver up to regulators their compliance in relation to specific clients, on-going due diligence monitoring and how long records may be kept.

The penalties for failing to comply with obligations under the regulations have also been increased. In addition to penalties that can be imposed by regulators, including the Solicitors Regulatory Authority and Financial Conduct Authority, the Policing and Crime Act 2017 has increased fines to up to £1,000,000 (plus 50% of funds in some cases) and increased prison sentences from 2 to 7 years where 'the person has breached a prohibition, or failed to comply with an obligation, that is imposed by or under financial sanctions legislation'.

AML Search v4 - 360 degree Compliance

AML Search has been at the forefront of electronic Customer Due Diligence for over 10 years, our user-friendly, robust platform has helped over 6,000 firms and 18,000 users reduce the time and cost of carrying out compliant Due Diligence for over 1.6 million clients.

In June 2017 we will be releasing AML Search v4, which builds opon AML Search v2's robust data analytics to include full automated Risk Assessments, Compliance Reporting, documentary evidence management, on-going monitoring and automated record keeping.

AML Search v4 represents a leap forwards in the streamlining and simplifying of a firms Customer Due Diligence procedures which dramatically reduces both the time and cost of Anti-Money Laundering regulatory compliance.


Contact Us    Learn more about AML Search v4
Yes. AML Search v2 provides Enhanced Customer Due Diligence Searches which are fully compliant with the new regulations. There are however other changes that you need to consider to your Risk Assessment procedures in order to demonstrate your firms compliance.
Yes. We recommend that firms review their Risk Assesssment procedures in line with the new regulations. The regulations make specific reference to Simplified Due Diligence no longer being an accepted approach without a Risk Assessment, Financial Sanctions and Politically Exposed Persons electronic screening. Simplified Due Diligence in the past has involved taking copies of identity documnts, this as a minimum now needs to be augmented with electronic Sanctions and PEP screening and a Risk Assessment. AML Search v2 already provides all of these features.
Yes. There are significant changes in the regulations as to how firms are required to Risk Assess their Clients, carry out on-going Due Diligence, how quickly firms must demonstrate their compliant procedures and how long records can be kept.
Yes. AML Search v4 extends the features of AML Search v2 adding automated Risk Assessments to your Client Due Diligence, this means that the process of carrying our a Client Risk Assessment is as quick and easy as running an AML Search, and ensures your procedures are implemented across all users. AML Search v4 also includes monitoring which ensures your Client Due Diligence is always up-to-date, documentation, file and archive management to ensure you meet the new record keeping criteria.

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