"Graydon denkt met ons mee en komt met passende oplossingen."
Amida Elmoudni, Productmanager
With the introduction of the Money Laundering and Terrorist Financing (Prevention) Act, companies are now required to check their business relations for potential risks. SRA entered into a joint collaboration with Graydon to give its members in-depth insight into the business structures and potential integrity risks in their clients’ business networks and, what’s more, to do so efficiently.
A consequence of anti-money laundering legislation is that businesses have a legal obligation to know their clients’ identity, ownership and control structures. Also, they have an obligation to report unusual transactions. It is therefore compulsory for companies to screen their clients as a fraud prevention measure. Graydon offers SRA members the option of checking their entire business relations networks (natural persons and legal entities alike) against a list of 86 points, such as being on international sanctions lists, risk locations and director involvement in bankruptcies.
Around 40 SRA accountant firms are now using this integrity test as well as other products, such as access to chamber of commerce extracts. ‘An immediate advantage in terms of efficiency is that they all have the same acceptance policy. All business relations are checked and documented in the same way, according to 86 unusual situations,’ says Amida Elmoudni, SRA product manager. ‘Now that they can get all the information in one go from Graydon, it also saves them time.’