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.

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

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