Anti Money Laundering

Compliance with Anti Money Laundering obligations.

ANTI -MONEY LAUNDERING

The risks for lawyers of being involved in money laundering or failing to comply with anti money laundering (AML) compliance obligations are significant, both financially and reputational.

 GB Group

We use GB Group’s ID verification service – ID3Global for anti money laundering and identity check services because they use the widest range of international identity data that is currently available in the market.

Anti Money Laundering Checks

The AML checks conform to UK and international AML and KYC standards and legislation. The following databases are used:

Checks current and previous addresses against the national voters’ roll.

UK National Identity Register is aggregated from a growing number of data sources through established relationships GB has with suppliers of consented consumer data typically gathered through marketing related activity, including satisfaction surveys, customer feedback.

Typically, the data contains names and addresses, postcodes, landline telephone and mobile phone data.

Latest Data counts:
• 78m individual records (exceeds UK population as some entries may well be duplications that cannot be correlated and so are held independently ie. Name + mobile only, Name + address + land tel = 2 records)
• 27m Unique Addresses
• 41m Unique with DOB
• 54m Unique Land Telephone numbers
• 31m Unique mobile phone numbers

Checks against official information in the telephone directory.

Matches individual name and addresses against established credit data information.

Screens customer’s against data of people who are known to be deceased.

National change of address database.

Screen clients against a comprehensive number of lists including information from the Office of Foreign Assets Control (OFAC) and the Bank of England sanctions. Covers 250,000+ names and more than 100 law enforcement and sanctioning bodies.

Draws data from only the most reliable PEP data sources with a fully-documented audit trail or content description and review dates. Cover approximately 180,000 names from more than 200 countries and contains historical data going back to 1989.

Verifies 100% of Machine Readable Zone (MRZ) compliant passports issued by more than 180 countries to confirm the accuracy of the document.

To confirm a person’s name, address, DOB and unique reference checks the majority of European and international identity cards issued with a MRZ

Checks the majority of European and international identity cards issued with a MRZ.

A unique data source that checks a customer’s personal details against their electricity supply details.

JMLSG Guidelines for Electronic AML Verification.

The Joint Money Laundering Steering Group sets out comprehensive guidelines for practitioners to follow to conform to UK AML Legislation.

We have produced a summary of the relevant segments of the regulations that are applicable for electronic AML verification and how AML checks through Searchpoint and in particular our service partner GBGroup meets them.

Click here to download the document JMLSG Guidelines

Understanding AML Results

Simple and Clear Decision with Points Score.

  • Results are based on points scored where personal data is matched in various databases.
  • Where enough data is matched the result will be a Pass.
  • Where some data is matched then the result will be a Refer.
  • If a negative data source is matched or a document is invalid then the result will be Fail.