Purpose
The “Anti-money laundering” screen records the due diligence measures taken for each party to a sale, whether a seller or a buyer, such as identity verification, beneficial owner, politically exposed person status, sanctions screening, and risk level. This allows you to demonstrate that these checks have been performed in the event of an audit.
Each record includes a date for the next review and a retention date set to five years after the “Relationship ended on”, during which time the record cannot be deleted.
Where to find it
- Sales
- Anti-money laundering
Steps
- Click on “New” and specify the “Name” and the “Party” (“Seller” or “Buyer”), which are mandatory fields.
- Link the record to the relevant “Contact”, “Owner”, or “Sale”.
- Complete the “Identity verified”, “Identity document”, “Beneficial owner”, “Politically exposed person”, and “Sanctions screening” fields, including the source and date.
- Select the “Risk level” and the “Next review”, then save your changes.
- Click on “Documents”, then on “Add the file”, in order to upload identity documents and proof of screening.
- During each review, click on “Review done”, so that the next review date is postponed by 12, 24, or 36 months depending on whether the risk is high, fair, or low.
Good to know
- A new record is created with a “Fair” risk level and a “Not screened” sanctions status, so that no verification is assumed.
- The number of overdue reviews is displayed at the top of the screen, and members are notified 14 days before each review and on the day itself.
- Specify the “Relationship ended on” date when it is known, as it serves as the starting point for the five-year retention period.
- The list can be filtered by risk level and by party.