Why is cloud document storage important for AML regulations?

On 10 January 2020, HMRC updated its Anti-Money Laundering (AML) regulations to include more comprehensive due-diligence checks and encourage us to make use of electronic verification wherever possible.

This means that secure storage of documents is even more vital than previously.

Think about your current procedures. For example, once you’ve collected identification and other sensitive documents from a client, what do you do with them: print them off and put them in a filing cabinet? Save them to a folder on your computer?

According to AML regulations, documents collected under the scheme should be stored separately and securely as a safeguard against inadvertent disclosure. By putting the documents into a secure document storage solution such as SmartVault, you can ensure they are safe and kept away from other client files.

Here are the benefits of online document storage and how it will help you be compliant with AML policy.

• Give clients the option to securely upload their identification documents to a custom-branded portal, eliminating the need to send via (unsecured) emails.
• If someone hacks into your computer or email, or breaks into your office, you know these documents are safe and will not fall into the wrong hands.
• Access rights can be set for these sensitive files, restricting who can view them and ensuring they are not inadvertently seen by other members of staff.
• If your computer breaks or your documents are damaged due to unforeseen circumstances, you know that these important files have been backed-up automatically and securely in the cloud.
• If you suspect a client of being involved with money laundering, you can access the documents from anywhere in the world (with an internet connection) and pass the information on to HMRC.

To find out more about SmartVault and how we can help you with AML regulations, schedule a hassle-free chat at https://go.smartvault.com/AccountancyAge