Money laundering has one purpose: to turn the proceeds of crime into cash or property that looks legitimate and can be used without suspicion.
Anti-money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
Though anti-money-laundering (AML) laws cover a relatively limited range of transactions and criminal behaviours, their implications are far-reaching. For example, AML regulations require that banks and other financial institutions that issue or allow customers to open deposit accounts follow rules to ensure they are not aiding in money laundering activities.
Solicitors play a key role in detecting and preventing money laundering working under the Money Laundering Regulations 2017.
The solicitor governing body, The Law Society, shares the government’s objectives in ensuring the UK has a robust and effective Anti-Money Laundering regime.
Anti Money Laundering Check
The AML check is an identity assessment to ensure all investors are who they claim to be and in most cases these checks will be completed using existing electoral data.
For further information on Anti Money Laundering laws and who they affect, click here
Consumer Bank Account Checker
There is also a huge and growing opportunity for criminals to hijack transactions and hack into personal systems such as emails, particularly durying a conveyancing transaction.
How can a law firm find evidence that their client is the owner of the account that they are sending funds to or receiving funds from?
With just the client’s First Name, Surname, Date of Birth, Full Address, Bank Account Number, Sort Code, Consumer Bank Account Checker will verify that the client's bank account details are correct before transferring funds to them.
This service can also be used to validate source of funds by checking who owns the bank account from which the funds were received.
If you require an AML check or Consumer Bank Account Checker, find your local X-Press Legal Services office, or telephone 01925 393333, to place an order.
Published on 6th November 2019
(Last updated 11th November 2019)