Money Laundering Checks

Money Laundering Checks

In order to comply with the HMRC Money Laundering regulations, alto allows the following:

  • You can store information about the money laundering checks you have carried out.
  • You can warn users that the check has not been carried out for the vendor/landlord/applicant, when making an offer or changing the property status.
  • The completion of this check can be a mandatory setting or given to the user as an advisory warning that can be overridden.
  • You can report on all records that have not had money laundering checks completed.

Setup

Go to Tools>System Administration>Branches . Select the branch and click on Edit

Go to the section Money Laundering Check Visibility Options

There are three options:

None
When set, no messages will appear but the money laundering fields on the Contact screen can still be used.  This is the default setting.

Show
When set, the user will be prompted with warning messages but can choose to override these.

Mandatory
When set, the user will be prompted with warning messages and will not be allowed to continue until all the required checks are completed.

NB. If you set the configuration differently between Branches, the system will use the configuration for the default branch of the negotiator, and not the configuration for the branch of the property (if these are different).

Screen Changes

On the Contacts Tab > Contact sub-tab > Position tab there is a heading called Money Laundering Checks.  Under this heading there is a tick box called ‘ID Check Completed’ and a free text field Money Laundering Notes,  which is mandatory once the tick has been checked.

The fields on the Contacts>Contact>Position tab:

When these fields are completed an entry is placed on the timeline to record that this action has been taken.

The entry on the Overview timeline:

The entry on the main Timeline:

Warning checks

If either ML Checks Show or ML Checks Mandatory has been set in the Branch settings and one of the following actions takes place:

  • ‘Change Status’ is used to change a property from ‘Instructed’ to ‘Available’ or from ‘Withdrawn’ to ‘Available’;
  • an offer is accepted,

a warning message will be displayed to the user.  When making a check of the records the system will include the Vendor (all of them in the case of multiple vendors), the Landlord and/or the Applicant.

The warning message content and behaviour will depend upon whether or not the mandatory setting has been used:

  • If the mandatory option has been set the message will be:

The user can only click OK and the message will close.  They must complete the ML checks and then return to the screen to continue with the action being taken.
 
  • If the mandatory option has not been set the message will be:



    The user can click Yes and will be able continue with the action they were taking, or they can click No and complete the ML checks and return to the screen to continue with the action being taken.

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