Leading digital compliance expert Martin Cheek (pictured), managing director of SmartSearch, warns that regulated firms are risking fines, wasted time, and money by relying on inadequate compliance reporting and auditing procedures.
Inefficient legacy reporting processes are undermining firms’ productivity and exposing them to unnecessary downtime, fines, and reputational damage in the event of a breach of anti-money laundering (AML) or sanctions regulations.
Cheek said: “Firms are required to regularly update their compliance policies and procedures, and part of that process is to demonstrate a robust and up-to-date audit trail, giving a comprehensive overview of their adherence to regulatory guidelines.”
He highlighted that incomplete audits leave firms vulnerable to fines and reputational damage and urged them to be audit-ready to save time, money, and protect their reputations.
Cheek added: “Being audit-ready doesn’t just save time and money, it also safeguards reputations and avoids the hefty fines and criminal prosecutions that come with compliance breaches.”
The next-generation SmartSearch platform offers a robust and instantly deployable audit trail that helps firms remain vigilant against AML and sanctions breaches while minimising the risk of compliance violations.
The platform features enhanced configurability that simplifies onboarding new customers and makes it quicker and more cost-effective for firms to comply with AML regulations. Its electronic verification (EV) capabilities ensure robust monitoring of existing clients and retro-screening, enabling firms to identify suspicious activities and take appropriate actions. With fully automated and easy-to-understand compliance reports, the platform aims to eliminate time wasted on reporting.
Cheek emphasised the importance of adopting a fully automated compliance platform, stating: “Firms must stop wasting time and resource on reporting; by adopting a fully automated and easy-to-understand compliance platform – you get the reports you want or need immediately.”
Failure to comply with AML regulations can result in strict liability offences, criminal prosecutions, fines, and reputational damage.
The SmartSearch platform enables regulated firms to be audit-ready and demonstrate compliance with AML regulations.
