- Failure to comply with money laundering regulations could and has resulted in a prison sentence* - Landmark AML provides an easy and affordable solution for any size of firm

In a review of anti-money laundering (AML) procedures the Financial Services Authority has reported that smaller firms are failing to protect themselves. While many larger organisations are now complying with the regulations that came into force in December 2007, some smaller practices have less money to devote to money laundering assessment and risk management measures. A new cost-effective electronic service at www.landmarkaml.co.uk , provided by Landmark Information Group, enables firms of any size to carry out electronic AML checks for both personal and non-personal (company) searches without committing to long term contracts.

Landmark AML is an efficient electronic anti-money laundering service that allows solicitors - both large and small – to pay for each search individually and on a fortnightly billing system. This means that firms don't need to tie themselves in to an unlimited service that, particularly in the current financial climate, may not necessarily be the best value option.

James Sherwood-Rogers, Managing Director of Landmark Legal and Financial comments: “Many firms have responded to the new anti-money laundering regulations but there are still some – particularly smaller firms - that, due to financial constraints, are failing to do so. The outcome could be very serious for those who choose to ignore these regulations resulting in heavy fines and as we have seen recently, prison sentences*.”

Landmark AML is a comprehensive customer due diligence verification tool that analyses a range of best-of-breed data sources to assist in compliance with AML legislation. After registering (at no cost) with Landmark AML, advisors can undertake checks on the electronic search system, which provides a full audit trail on new customers and carries out both positive and negative checks on the background of clients. These checks include government databases such as the Politically Exposed Persons (PEP) list; terrorist sanctions files, and persons covered by the far reaching implications of the US Patriot Act (such as the infamous Natwest three, extradited to the US without trial.)

James concludes: “Our new AML electronic service can offer firms a solution to help implement a risk-based approach, as recommended by the Law Society, and enhance due diligence when carrying out an anti-money laundering search. By being able to conduct a search on demand, the service will hopefully encourage 100% compliance as we approach one year since the new regulations was introduced.”

In further support for legal professionals, Landmark AML offers a suite of online training tools as well as the ability to deliver a free one hour CPD accredited presentation to practices requiring additional guidance on the issues surrounding AML.

-ENDS-

Landmark Information Group

Landmark is the UK's leading provider of digital mapping and land data intelligence. Holding one of Europe's largest databases of land, property and environment information, Landmark supplies comprehensive data electronically to a wide range of professionals in conveyancing, property, environment and government. www.landmarkinfo.co.uk

* UK solicitor Phillip Griffiths received a 15 month jail sentence for failing to comply with AML regulations.

For further information please visit www.landmarkaml.co.uk or contact Rachel Greaves or Kathryn Morgan on 0207 025 7572 or rachel.greaves@trimediauk.com