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18
There is FREE help out there....
Posted by James Robshaw (Import) on 18 January 2012 03:04 PM

We know from talking to brokers that many find it a challenge to carry out the requirements of the Terrorist Asset Freezing Etc Act 2010 by having to check if each and every client is entered on to the two lists published on the HM Treasury website.

Just to reiterate, it is an offence to provide any financial service to a person or body who is entered on the list and if you have any suspicions, you must alert the appropriate authority.

Checking is required on client acquisition and at renewal.

The two treasury lists allow you to check to see if your client is indeed noted, but you do have to search both lists. You then have to manually note the file as to what action you have taken, as there is no evidence on the Treasury website that you have carried out any search. Whilst the big advantage is that this service is free of charge, it can be quite cumbersome.

However, the lack of an audit trail is somewhat of a disadvantage and how can you prove you have done anything?

There are a number of external bodies who are now providing search facilities and some of the 'Back Office' system providers are sitting up and taking notice.

The drawback is cost, many of the search providers will charge a 'per search' fee and if you think about the number of clients you have, the yearly cost could soon mount up.

RWA Client, Graham Sykes Insurance in Exmouth, has worked alongside ProExe Internet Solutions to develop an online tool. This has been made available to all brokers and Financial Service Institutions. It's easy to use and the good news is that the basic checking system is free of charge. (A 'Premium' service with enhanced features is also available at £25 per annum (prices are plus VAT)).

It can be accessed at -

http://www.financial-sanctions.net

In addition, each month you can run a report which will show all searches your firm has made, so showing a valuable audit trail.

No software is needed, just access to the Internet.

RWA Head of Compliance, Terence Clark, has reviewed the system and feels that this could be a very useful aide to complying with the legislative requirements. "We regularly hear from brokers how time consuming these checks can be, and the solution developed by ProExe will hopefully make things easier for brokers without having to worry about extra costs."


 

Below is a list of current features within ProExe FST

Current Free Features:
  • Audit Trail of all searches completed as evidence for the necessary Authorities such as the FSA.
  • Email confirmation of Positive Search Result, sent to either your admin contact or (if field completed) a different email of your choice.
  • 2 User Logins.
  • User and Company Stats.
  • Reports downloadable in to CSV format.
Current Premium Features:
As well as the above Free Features, we are now pleased to offer some more in our premium version.
  • Customisable retrospective check of previous client searches in case they subsequently appear on HMT database updates (Automatic notification will also be sent as normal).
  • Automatic end of month reports emailed to admin contact (in CSV format).
  • Unlimited User Logins.

We are currently working on the next major release of ProExe FST some of which will be in our Premium Version. Below are a list of Future Features :

Premium Features "Coming soon":
  • Import CSV file to search for multiple contacts.
  • Increase in Searchable information

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