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Many firms sceptical of automated anti-money laundering systems

Over a fifth of key businesses say they do not trust any element at all of automated anti-money laundering checks and a much higher figure have lesser reservations.

The survey producing these results - which perhaps surprisingly comes from an anti-money laundering software company, SmartSearch - shows that 47 per cent of senior business figures show at least some level of distrust about automated AML processes.

The survey was across a range of sectors - including, but not confined to estate agents - and it found that almost a quarter of companies with AML obligations had no automated processes for this issue at all. 


SmartSearch says businesses should change those views and now, in the second national lockdown, there’s time for a leap of faith.

“When lockdown hit first time, businesses suffered when it came to their AML checks. These need to be carried out by law, so when physical checks became impossible, it created a lot of issues for those who weren’t already automating at least some of their processes” says John Dobson, chief executive at SmartSearch.

Lockdown or not, introducing automation in your business is going to create some major efficiencies and free up time to focus on other business priorities” he adds.

Meanwhile it’s been announced that Let Alliance will offer AML services to its clients after agreeing a new partnership with FCS Compliance, a company owned by LonRes.

All sales agents and, since January this year, letting agents dealing with property that generates an income of at least €10,000 per month or the  equivalent must comply with regulations set out in the Fifth Money Laundering Directive.

Andy Halstead, LetAlliance’s chief executive, says: “We are delighted to team up with FCS Compliance to help support our clients with their legal obligations. The FCS specialists have a tremendous wealth of experience both in financial investigation and in their understanding of the marketplace. When it comes to ensuring certainty over AML compliance, our new partnership will ensure clients have access to the all the help they need.”


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