Date Posted: 02/Feb/2011 16:08

http://www.isleofman.com/News/article.aspx?article=33010

THE Isle of Man Law Society has established a relationship with a worldwide provider of regulatory screening software to help members comply with anti-money laundering obligations.

Accuity has been selected as the society's preferred supplier of AML e-verification solutions which will help members vet Politically Exposed Persons (PEPs).

These are people that have been entrusted with a prominent public function. By virtue of the position and influence that they may hold they can present a higher risk for potential involvement in bribery and corruption.

Jane O'Rouke, chief executive of The Isle of Man Law Society, said: "We are pleased to announce that the Law Society of the Isle of Man has selected Accuity as its preferred supplier for PEPs and sanctions list screening.

"Politically Exposed Persons may pose a higher risk of money laundering to law firms and enhanced due diligence must be undertaken when accepting them as clients.

"In establishing this relationship with Accuity we feel as a society that we are making accessible very valuable tool which can only have a positive impact on members’ compliance."

Malcolm Taylor, Accuity's managing director, said: "Accuity is honoured to have been selected by the Isle of Man Law Society as its preferred supplier for PEPs and sanctions screening solutions.

"Our industry-leading AML look-up tools and filtering engines have proven themselves to be efficient and cost-effective tools for legal practitioners in firms of all sizes and we look forward to delivering their benefits to the society's members."

The e-verification software can help legal firms reduce the risk of violating domestic and international regulation and save time and money.

Accuity's software offers a range of caution lists and screening solutions that provide a defence against participation in illicit financial activities such as money laundering and terrorist financing.