Anti-Money Laundering Checks
June 13th, 2018 by Jonathan Bazely
What are Anti-Money Laundering (AML) checks?
Anti-Money Laundering checks is a general term used to describe checks carried out as part of the UK’s Anti-Money Laundering regulatory framework. This can be a check on an individual carrying out a specific function, or an organisation providing goods or services. The legal framework includes several different Acts and Regulations and some of these are listed below. Generally the UK law makers are seeking to prevent, recognise and report money laundering activities, as a wider aim to deal with the increasing issues surrounding terrorism, criminal activity and proceeds of crime. To that end the Government have identified several key sectors that may be susceptible to money laundering and should take the lead in promoting best practice and greater regulation. This includes several legal and financial sectors.
Why are these checks needed?
The checks form part of the changes in the thinking surrounding money laundering and financial crimes. Many industry regulators and businesses are using AML checks as the first step in the recruitment process, and ensuring fitness to work or practice. Checks are also commonly used to identify clients or ensure other organisations in the supply chain are fit and proper. There are no specific set of requirements for all AML checks and the relevant regulations in place seek to promote risk based thinking surrounding money laundering and other such activities.
How can Due Diligence Checking (DDC) help with AML checks?
DDC is registered as an Umbrella Body (UB) and Responsible Organisation (RO) with the Disclosure and Barring Service (DBS), Disclosure Scotland and Access Northern Ireland (AccessNI). This allows the organisation to submit applications for basic criminal record checks, on behalf of client organisations. This level of check provides a record of an individual’s unspent criminal convictions. Some specific roles are also eligible for a standard level criminal record check, where the role falls within certain criteria.
Applications can be submitted entirely online with identity checks carried out by client users. Alternatively DDC can offer a complete outsourcing solution with identity checks carried out by the DDC Customer Service Team. Our system is designed to be flexible to meet the requirements of client organisations. In addition to criminal record checks DDC can also offer full pre-employment screening with reference checks, credit checks, qualification checks and right to work checks. Why not call one of the team today on 0845 644 3298 or 0116 260 3055?
You can register online and be ready to request checks in a matter of minutes.
Are organisations required to obtain basic criminal record checks to comply with AML regulations?
In short, no. The regulations do not specify that a basic criminal record check is required. Each regulator or organisation can assess the best way for them to meet AML requirements. Many industries are looking to basic level criminal record checks as the first step in a pre-employment checks, to ensure they are hiring a suitable (fit and proper) person for the job on offer.
Relevant links to AML legislation:
- The Terrorism Act 2000 (as amended by the Anti-Terrorism Crime and Security Act 2001 and the Terrorism Act 2006
- Anti-terrorism, Crime and Security Act 2001
- The Proceeds of Crime Act 2002 (POCA) as amended by the Serious Organised Crime and Police Act 2005 (SOCPA)
- Counter-terrorism Act 2008, Schedule 7
- Terrorist Asset-Freezing Act 2010
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- The Criminal Finances Act 2017
For more information you can follow the links in the article or register now for criminal record checks.