AML Custodian - Protecting You & Your Company from the Risk of Money Laundering

Anti Money Laundering Software Solutions

The Money Laundering Regulations 2003 came into force on 1st March 2004. This legislation now applies to a wider range of industries and, for the first time, high value goods dealers accepting any type of payments of £10,000 (Euro 15,000), or more.

Solicitors, Estate Agents, IFAs, Car Dealerships, Auctioneers, for example, are now required to have effective anti money laundering systems and controls in place. Failure to comply could mean you are committing a criminal offence under the Regulations.

Introducing OPSIS

OPSIS have been providing software solutions to the legal profession for over 25 years. Combining our wealth of legal experience with our extensive IT expertise, OPSIS has developed AML Custodian to specifically meet the needs of any commercial businesses required to meet the money laundering regulations.

Using our Expertise

Using Custodian as your AML system will mean spending less time on paper admin and filing, and will ensure the highest standard of compliance and client service are maintained by your company and your staff. OPSIS highly experienced support and training staff have
the knowledge and skills to ensure your system is implemented swiftly and smoothly and all your staff can use it effectively from day one.

AML Custodian - Protecting You & Your Company from the Risk of Money Laundering

FEATURES

- Effective ML screening procedures
- Automatic check against the Bank of England
  Consolidated Sanctions List
- Industry leading client ID verification
- Efficient document storage - includes Xerox scanner

BENEFITS

- Faster processing of client information
- Reduces the risk of not complying
- Immediate access - all ML information stored centrally
- Huge time savings

Why choose AML Custodian?

Money laundering is big business. Estimates suggest that around 2% of the UK’s gross domestic product is laundered money – that amounts to a staggering £18 billion.

AML Custodian helps protect you against the criminal activity of money
laundering. The costs of not implementing effective ML procedures are:-

Effective AML Compliance

ML legislation places obligations not only on your company, but also directly on your staff. It is essential that all staff receive legislation AML training to understand these obligations and that your company has procedures in place to meet them.

AML Custodian Ensures Full ML Compliance.

In a nutshell, AML Custodian has everything you need to meet all of
the Regulations. Whoever is responsible for ML procedures in
your company, (officially known as the designated Money Laundering Reporting Officer) will be in total control.

The MLRO can easily manage your ML system from start to finish. It can be used to train all staff, even holding their training records. AML Custodian ensures client ID is verified correctly, if the need arises, forwarding suspicions to the Serious Organised Crime Agency (SOCA).

- Failure to implement ML requirements
  A prison sentence of up to 2 years, and/or a fine
- Assisting (even unknowingly)
  Up to 14 years in prison, and/or a fine
- Tipping off
  Maximum of 5 years in prison, and/or a fine
- Failing to report a suspicion
  Up to 5 years in prison, and/or a fine

Verifying Identity

Every new client is automatically checked against the Bank of
England Consolidated Sanctions list.

Whatever the type of client ~ UK individuals, companies, partnerships, estates/trusts etc;
AML Custodian prompts you for the correct form of client ID verification
- for example, did you know that when dealing with companies you need to verify the company’s details and individually verify at least 2 of the Directors?

You can see at a glance if the client has not yet been verified, or when the ID checks were last performed.

Record-Keeping

The Regulations require you to keep all money laundering records, including client ID evidence, for 5 years. That’s an awful lot of paperwork to be stored somewhere in your offices.

AML Custodian comes with a fully integrated Xerox scanner that allows you to electronically store scanned or photocopied images of evidence against each client’s record; providing a much more efficient method of storage with immediate access, no need to rummage through archived files in the depths of old filing cabinets.

Dealing with Suspicions

The ML Regulations require that any suspicions are reported to the MLRO. AML Custodian includes a simple and easy to use procedure to raise a suspicion.

AML Custodian automatically forwards any suspicions by email to the MLRO and immediately marks the client as being "under suspicion". With access to all sales activity, client information etc the MLRO can then decide whether to make a formal Report to SOCA.

AML Custodian automatically produces the SOCA disclosure report form merging all the relevant client information. As a safeguard, the client is then "black listed" and all relevant staff are notified by email.

Back to Top 

Cost effective …

Anti money laundering compliance is expensive for any business. There are plenty of ‘consultants’ offering expensive training courses, procedure manuals and handbooks for managers and staff, but they tend to provide lots of theoretical and very little practical advice.

AML Custodian, for an all inclusive price, with no extra hidden costs, gives you a fully compliant and effective money laundering system at a very sensible price. Peace of mind is priceless, but the cost of not complying is the much more expensive option – 2 years in prison, and/or a large fine!

Practical …

Each part of the system has been designed keeping all users in mind. We have taken every care to make the system as simple to use as possible.

AML Custodian will reduce your paper work and administration load, letting you get on with your normal day to day business. Everything related to money laundering from client ID details, sales transactions – even copies of ID documents are all stored in one central place that can be accessed with a click of your mouse.

Click here for books on Anti Money Laundering in our AML Software handbooks and guides page

Further information

We realise that the information on this page is only the first step in identifying the right ML solution for your company.

For further information click here to request a Brochure or Demonstration

For Technical Specification and product requirements of our AML Custodian Software click here

If you would like to discuss AML Custodian with someone, please call the OPSIS Sales Team or

OPSIS
United Kingdom
5 St Peter’s Street
Stamford
Lincolnshire
PE9 2PQ
Tel: 01780 764947
Fax: 01780 766073

Northern Ireland
Studio A
89 Holywood Rd
Belfast
BT4 3BD
Tel: 028 9065 3006
Fax: 028 9065 3005

Back to Top 

The Institute of Money Laundering Prevention Officers

The Institute of Money Laundering Prevention Officers (IMLPO) is the organisation for the UK’s anti-money laundering community. It is a broad, cross-representative forum of anti-money laundering practitioners who - in a safe environment - share views, experiences and opinions of the day-to-day business of combating money laundering.

Click here to download the IMLPO promotional flier (218Kb, PDF format)

OPSIS Practice Management Solutions Ltd

solicitors software | company | products | support | brochure | jobs | forum
anti money laundering software | money laundering systems
aml software | anti money laundering compliance
website terms of use