Hold that private jet
Amiqus enables PEPs, sanctions and adverse media monitoring
£100,000 on Cartier jewellery, a Gulfstream G550 jet and a +£10 million Berkshire Golf Club － “Mrs A” Zamira Hajiyeva, wife of the imprisoned former Chairman of the International Bank of Azerbaijan, was the target of the UK’s first Unexplained Wealth Order last year. The story captured headlines around the world as law enforcement and regulators flexed newly tightened anti-money laundering legislation designed to “reduce the appeal of the UK as a destination for illicit income.”
The Fourth EU Money Laundering Directive, transposed into UK law as the Money Laundering Regulations 2017, has already forced a change of culture; placing the onus firmly on regulated professionals, such as lawyers and bankers, to verify their clients are not involved in criminal activity before providing advice or professional services. To stay on the right side of the law ensuring new clients pass Know Your Client (KYC) compliance checks is no longer enough. Regulated businesses must now have continued monitoring of existing clients and Politically Exposed Persons (PEPs) in place, with many firms turning to technology to meet their obligations.
How Amiqus can help
The Amiqus team have released a new feature to help our customers conduct ongoing monitoring of their clients. When running a PEPs, sanctions and adverse media check in Amiqus, you now have the option to enable monitoring. Enabling monitoring allows you to monitor PEPs, sanctions and adverse media on individuals and organisations for a period of 12 months.
Key benefits to your firm
- Automate monitoring: save time and reduce risk by automating ongoing monitoring for your clients
- 12 months cover: enable monitoring when you initially run a PEPs, sanctions and adverse media check and have peace of mind 24/7, 365 days a year plus we’ll remind you when checks are nearing expiry
- Daily updates: Amiqus screens your clients every day against changes to our data sources so you know you’ve got the most up-to-date results
- Notifications of changes: receive a notification when there is a change in status of any monitored person, allowing you to quickly and easily assess the risk and act accordingly
- Reduce false positives: smarter name-matching algorithms and intelligent fuzzy matching cut through the noise without increasing risk
What makes our monitoring different?
Amiqus partners with ComplyAdvantage for PEPs, sanctions and adverse media data, helping you to meet the 2017 regulatory requirements. ComplyAdvantage has a global database which provides access to:
- 200+ countries and territories
- 5 million articles analysed per day
- 10,000 actively monitored data sources
- 30,000 existing profiles enhanced everyday
- 100% of profiles checked for updates daily
Results from ComplyAdvantage provide us with a database of entities with PEPs and sanctions categorised into risk levels that are fully compliant with Financial Action Task Force (FATF) recommendations. Adverse media is a rich source of valuable information that allows you to identify people that pose a financial crime or reputational risk.
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Amiqus PEPs, Sanctions and Adverse Media checks
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