Streamlined AML compliance and bank account verification in one place

Streamlined AML compliance and bank account verification in one place

PSG announce their partnership with global ID specialists GBG

Leading property search provider PSG have partnered with GBG, world leaders in identity data intelligence and provider of AML Reports and Consumer Bank Account Checking technology, to provide conveyancers with an extra level of security during each transaction. By enabling electronic identity verification checks as part of the conveyancing process, it is now possible to screen home buyers for a variety of compliance areas.

Anti-money-laundering (AML) laws and rules exist to stop people (and businesses) generating income through illegal actions. And it is essential you ensure your business is meeting the required AML regulations wherever you are in the world.

But it’s a massive challenge for businesses to strike a balance between compliance costs, commercial realities and risk to your reputation. So how can we help your business stay compliant and protect your customers and your employees?

GBG have designed their technology to meet the globally recognized Financial Action Task Force (FATF) AML recommendations. Their multiple data sources for key markets across the globe adhere to some of the most stringent none face-to-face identity regulatory standards. It’s automated and online, meaning we’ll help you reduce your use of paper-based ID checks, streamlining processes and removing the risks (and costs) associated with manual checks.

All our AML checks include automatic worldwide PEPs and Sanctions screening. Part of the latest 4th AML Directive includes Enhanced Due Diligence (EDD) for domestic Politically Exposed Persons (PEPs) e.g. MPs, judges or high-ranking armed forces officers and their close family members and known close associates, as well as foreign PEPs.

Under the Directive, it is proposed that administrative sanctions for breaches of the key requirements of the Directive are strengthened, including a proposal to impose a fine of up to 10 percent of the total annual turnover of a business and fines up to twice the amount of the benefit derived from the breach.

Richard Dawson, Group MD at PSG, commented: “We are delighted to integrate with GBG to introduce a globally recognised AML and Bank Account checking provision into our complete search service. We are committed to providing a comprehensive service to conveyancers and to support our customers with the tools they need to meet their due diligence and compliance obligations.”

Loschinee Naidoo of legal compliance specialists Legal Eye Ltd reinforced this: “The SRA’s recent report documenting the findings from its AML Thematic Review concluded that the profession has a good grasp of its responsibilities relating to AML but cautioned that there is no room for complacency and that firms need to continue to be alert and be able to demonstrate sound risk management processes to evidence client due diligence obligations. We all know that firms still need to collect paper identity documents with a signature to comply with CML Handbook requirements to compare signatures on transfer documents, so paper cannot be eliminated altogether. However, this system is complementary and aids both fraud detection and identification of PEPs and sanctions, which enables a law firm to be able to demonstrate proactive and robust AML risk management processes. PSG’s integration with GBG provides their conveyancing customers with intrinsic support at the time they need it, especially as adequate and appropriate AML demonstration by law firms are high on the Regulators agenda.”

If you are not already benefitting from the PSG Complete Search Service, contact the national Customer services team on 01226 246 644 or email customerservices@propertysearchgroup.co.uk. Alternatively, you can find your local PSG office www.psgconnect.co.uk

This article was submitted to be published by PSG as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

PSG

http://www.psgconnect.co.uk

Since 1997, PSG has been a leading provider of quality conveyancing searches in England and Wales. During that time, we’ve embraced technological advances to develop a service that provides property professionals with a complete conveyancing support package. Our range of products and services has grown with the demands of the industry and alongside our traditional search service providing searches for both residential and commercial transactions, we also offer Title and Legal Indemnity Insurance policies, Risk Management Products, Quotation & Referral and Case Management solutions. Over 1,000 firms every month trust PSG’s people and technology to deliver a first class service. Our network of 50 local offices across the country have the expertise and experience to deliver the searches and reports you need, when you want them and in a format that suits you. Our online ordering platform PSG Connect features a range of tools designed to streamline your workflows, allowing you more time to focus on other areas of the property transaction.

  • Advanced mapping system
  • Search alerts
  • Track and Trace facility
Our highly skilled staff are dedicated to delivering a professional and friendly service, and our in house search training accreditation scheme ensures that our clients have access to a local expert throughout the conveyancing process. PSG subscribes to the Search Code and is an executive member of the Council of Property Search Organisations (CoPSO).
Contact: Stephen Murray Tel: 01226 246644 Email: customerservices@propertysearchgroup.co.uk Address 6 Great Cliffe Court Great Cliffe Road Barnsley S75 3SP

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