D&B Launches UK's First Online AML Report to Specifically Address Requirements of Imminent New Legislation

D&B UK today announces the launch of its Anti-Money Laundering Report, a one-stop shop designed for all UK businesses needing to sign off on new AML legal requirements effective from 15 December. The D&B AML Report, accessible 24/7, is the only concise report focusing specifically on the data needed for the new compliance legislation. The Report provides all the essential client information a company with UK business customers needs in order to meet the requirements of the new legislation. "The new law presents businesses with a significant compliance challenge and a major administrative burden,” says Malcolm Parker, Product Manager, D&B UK and Ireland. "At D&B we have been working for 18 months alongside the UK’s top financial institutions to develop a streamlined report that makes compliance as simple and as reliable as possible.” Parker continues: "The advice from government is to use online systems and ‘credible 3rd party sources’ in order to check the identity of clients and prospective clients. Our AML Report significantly reduces the time and cost of AML compliance, leaving businesses to concentrate on what they do best.” The Money Laundering Regulations 2007 build on existing legislation designed to combat money laundering. Affected businesses will need to make significant changes to their compliance procedures under this new legislation. They will be required by law to assess the risk posed by the companies they deal with and then to take appropriate measures to verify the identity of those companies as well as their beneficial owners. D&B’s AML Report is designed for credit and financial institutions, auditors, insolvency practitioners, external accountants & tax advisers, independent legal professionals, trust & company service providers, estate agents, and high value dealers where a cash transaction may exceed €15,000 and casinos. D&B has developed its AML Report in consultation with major global financial institutions. They had expressed a need for a high quality, streamlined and cost-effective report that allowed them to easily identify their customers and access third-party sources to the standard required by the new legislation. The report includes: Basic Entity ID Sanctions lists check Stock Exchange ticker files check Regulators Lists check Director and beneficial owners Basic financials Corporate structure By capturing data from multiple sources – Companies House, global financial regulators, stock exchanges and global sanctions lists as well as D&B’s own databases and country risk assessments – D&B is able to provide a simple, reliable, one-stop shop for compliance with money laundering legislation. Businesses no longer need to manage multiple data vendors and can, at the click of a button, select from D&B’s suite of Enterprise Risk and Compliance solutions to meet their own compliance requirements and save themselves considerable time and cost. For further information or to arrange an interview with Malcolm Parker please contact Kieran Miles or Bella McAvoy at Tannissan Mae Communications on +44 (0)20 7243 4440. Visit www.dnb-compliance.co.uk