Russian sanctions prompt new AML reporting tool

Published on

A new high-risk country report service has been launched by anti-money laundering specialist, SmartSearch, in response to the introduction of sanctions against Russia.

The service enables regulated businesses to scan existing clients and check for residency or citizenship in Russia, Belarus, or any other high-risk countries.

The new reporting tool checks all clients that the regulated business has previously run searches on, and returns matches for those that have a connection to the specified country.

The aim is to support those companies looking to quickly and efficiently evaluate their existing client bases following sanctions placed on a number of Russian individuals and businesses.

In addition, the search provides a list of all UK business searches on companies where a corporate structure is returned and an entity within the structure that is operated in a high-risk country.

Martin Cheek, managing director of SmartSearch, said: “With the potential reputational and financial damage that could ensue for those working with clients connected to Russia or Belarus, regulated businesses have rightly been reviewing their existing clients.

“This new product will give businesses peace of mind that they aren’t working with anyone they shouldn’t be. The information will be provided quickly and efficiently, and will also be regularly updated for ongoing monitoring purposes.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...