Using a third party to assist you in your Anti Money Laundering Compliance
So you have decided that using a third party is the solution to your Money Laundering Regulations 2007 compliance and due diligence needs - but how can you be satisfied that information supplied by the particular service provider you have chosen is sufficiently extensive, reliable and accurate?
Under the money laundering regulations service providers must meet the following criteria;
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The service provider must be recognised through registration with the Information Commissioners Office to store personal data.
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The service provider must use a range of positive information sources that can be called upon to link the customer to both current and previous circumstances.
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The service provider must have access to negative information sources such as databases relating to deceased persons.
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The service provider must have access to a wide range of data alert sources.
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The service provider must have transparent processes that enable the firm to know what checks were carried out, what the results were, and what they mean in terms of how much certainty they give us to the identity of the subject.
As you would expect The Due Diligence Exchange fulfils the above criteria, and hence we are able to offer a wide and comprehensive range of services to those companies in need of assistance with their money laundering regulations compliance. If you would like further information on how we satisfy the criteria or any further information please contact us on 0844 561 6852 or email us and we will be happy to assist you.
