DPS users can now carry out ID and Anti Money Laundering (AML) checking using one single click straight from their DPS case management system . This integration has been achieved by seamlessly linking into the data of AML verification specialist SmartSearch who have partnered with Experian.
The connected systems offer a clear PASS or REFER result in seconds. The resulting certificate is produced automatically and saved against the corresponding matter in DPS. The document outlines the data used to calculate the result (data collected from multiple independent sources) which can be printed or downloaded as a PDF.
An AML search can be submitted as many times as required, should circumstances change. The simplicity and time-effectiveness of the process allows DPS users to perform a virtually unlimited number of checks every day and carry out satisfactory Know Your Customer (KYC) and Customer Due Diligence (CDD) for each of their new clients.
The system also provides a unique “Alerts Service” that triggers an email alert to the Money Laundering Reporting Officer (MLRO), in case a client fails the check and serious risk sanctions and warnings have been encountered. This allows a law firm’s MLRO to retain control of the Enhanced Due Diligence process and ensure that their practice is compliant and protected.
Scott Ridley, technical director at DPS said: “Our clients want automated solutions that are fully comprehensive. We are pleased to put this key functionality at their disposal and do our part in helping them comply with the Law Society’s requirements. By adding this extra feature to our system, we are providing a one-stop-shop solution for the management of a case, from inception to completion.’’
Martin Cheek, managing director of SmartSearch commented on the news: “One of the biggest challenges facing legal professionals in the UK today is compliance with Anti-Money Laundering Regulations and demonstrating that satisfactory checks have been carried out. Our solution coupled with DPS’s practice management software, enables law firms to ensure compliance with minimum effort from their side.’’