|Solicitors||Estage and lettings agents||Financial advisers||Mortgage brokers||Currency exchange|
|Insurance brokers||Recruitment consultants||Banks||Insurance companies||Accountants|
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Many firms are unaware of the existence of the sanctions list – more importantly – they are unaware of THEIR LEGAL OBLIGATION (under EC legislation and the relevant statutory instrument as enforced by the HM Treasury) to ensure that clients with whom they do business are not on the sanctions list.
The Joint Money Laundering steering Group (JMLSG) and The Financial Services Authority's guidance is clear.
Firms should be able to demonstrate their clients are not on the Sanctions List both now and into the future.
This is not as easy as just searching the HMT list manually, as, such a search produces no audit trail and therefore, the firm is still unable to actually demonstrate and prove their actions.
Furthermore properly re-screening after frequent HMT updates can be cumbersome at best but in reality impossible for most.
SanctionsSearch.com not only provides simplicity but also that elusive audit trail.
Every search carried out within our system is logged and along with a certificate for the client file, the system produces and maintains a permanent record of all clients searched against the list.
Furthermore, due to the fact that the list changes on an ongoing and regular basis, SanctionsSearch.com carries out ongoing screening after each and every HMT update, completely free of charge for all SanctionsSearch.com members meaning you can be confident about meeting your ongoing regulatory requirements. (subject to our fair usage policy as outlined in our T&Cs)
Compliance under this legislation applies to all persons and companies in the UK not just financial services. Firms such as Solicitors, Accountants, Recruitment consultants, gaming websites, Estate agents and Lettings agents are amongst some of the industries that use our services.
This is a excerpt of the FSA Factsheet on financial sanctions, you can Download the excerpt