Answers to common questions we've been asked
What's the catch?
Veriphy was created by a team of professionals with many years experience covering the Bank and Building Society senior management, Commercial Law, Marketing and Insurance sectors.
They had all encountered the numerous problems that revolve around the legislative and business process need to verify what we are being told by clients and customers.
By working with a team of high level technology and programming consultants, we have resolved those problems.
Working in collaboration we have created a simple to use suite of various checks that draw data from a wide range of sources so you don't need to. We can then present the results to you in a timely fashion in the format you require for your internal systems.
On the 15th December 2007 the third Money Laundering Directive came into force. This means that where someone fails to do effective money laundering checks, such as estate agents, there are very stringent penalties should they be caught.
The penalties include up to two years imprisonment and / or unlimited fines. Quite obviously, this is something that everyone wants to avoid.
Photocopying documents is still acceptable as long as you also 'have policies and procedures that determine whether a customer is a Politically Exposed Persons' (PEP)
Our system checks this register along with the Bank of England Sanctions list and OFAC.
Electronic Money Laundering checks are extremely safe. The reason is that they check a huge range of databases that cannot be fooled and then map the results against a points system.
For example ML Veriphy also checks the births and death registers so that identities of deceased people cannot be stolen. This is just one example of why the system is safer than traditional checks.
The passport office readily admits that it has issued tens of thousands of passports that it knows came from fraudulent applications - so is it really worth photocopying one?
Absolutely. As there are no upfront costs we can set you up with an account very quickly so that you can trial the system without commitment. We know you'll like it!
All transmissions to and from the server are encrypted using GlobalSign certificates. GlobalSign is the world's leading organisation in the field of online security.
At present we have over 1200 organisations on our books. We will be happy to provide both references and reference sites for you to determine if the system is for you. What we won't do is post a client list, as that would breach the confidentiality of our clients.
We are and our credentials can be checked with the Information Commissioner's Office. To search the register please visit: http://www.ico.gov.uk/tools_and_resources/register_of_data_controllers.aspx
Our registration number is Z9851928.
There is a range of data sources which Veriphy accesses to provide you with the most comprehensive check possible. These sources include:
Electoral Register
Bank and credit-related data
Fixed telephone line records
Royal Mail redirect file
Birth certificate check
Mortality check
Bank of England Sanctions list
Politically Exposed Persons file
US Office of Foreign Assets Control Sanctions
International passport data
UK driving licence data
Electricity supply records
ML and ID checks are provided in association with the GB Group plc.
However, you must also have:
A Money Laundering Policy document
Appointed a Money Laundering Reporting Officer
Undertaken training of all staff
Retained records of money laundering checks for 5 years
Veriphy, in conjunction with our experts in this field, can provide you with the necessary policy and training.
The OECD has published the following description of money laundering:
The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source.
Illegal arms sales, smuggling, and the activities of organised crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to "legitimise" the ill-gotten gains through money laundering.
When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.
To read the full article please click here.
Yes, as a user of our services you are required to be registered under the Act. Notification is extremely simple and can be done at
http://www.ico.gov.uk/what_we_cover/data_protection/notification.aspx.