Financial sanctions compliance
AML sanctions compliance plays a vital role in preventing criminals from enjoying the benefits that come from unrestricted access to the UK’s business and finance sectors. Every firm required to undertake AML activity must comply with the UK’s financial sanctions legislation and money-laundering regulations, by law. The AMLCC online platform can help you gain this vital knowledge and ensure your AML sanctions compliance.
Financial sanctions compliance training
To decide who you can do business with and who you should avoid, your employees need to know the legally required checks to go through when onboarding a client. Financial sanctions and counter-terrorism financing feature in all of our training, to give your MLRO and employees a good foundation to their AML sanctions compliance knowledge.
This learning is reinforced throughout the ALMCC platform. When creating client risk assessments, questions relating to AML sanctions compliance come with guidance and suggested actions for the user. Your firm’s risk assessment and policy will also cover this area in detail.
Because every MLRO and employee has to acknowledge that they have read and understood the guidance given, there’s an audit trail if you ever need to prove your AML sanctions compliance to your Supervisor.
Live sanctions check
We offer Pay As You Go client identity validation as an add-on to your AMLCC subscription. One of the many client identity checks we run is to put your client’s details through the UK Sanctions List. As reconfirmed on 31st December 2020, this is one of the lists that firms legally must check as part of their onboarding process. If there appears to be a financial sanction applied to your client, AMLCC will give you guidance on what to do next. You can learn more about this AMLCC feature here.
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