Money Laundering Veriphy

Electronic Money Laundering Checks

The 2007 Money Laundering Regulations have been in place for over 2 years - are you complying? If your Anti-Money Laundering procedures do not include checking the Politically Exposed Persons Register then you are going to be on the wrong side of the law. Veriphy ML is a quick and easy route to compliance. It is ideal for any organisations wanting to comply with the 3rd Anti Money Laundering Directive, including brokers, solicitors and estate agents. Veriphy ML is provided in association with the GB Group plc.

BREAKING NEWS: FSA fines firm for inadequate anti-money laundering systems and controls. Read more HERE

What we check:

Full and edited Electoral Roll current and last 5 years
Credit Information
Fixed Line Telephone data including ex-directory validation
Mortality Checks
Birth Certificate Check (England and Wales)
UK Driving Licence Check
UK & International Passport Check
Electricity Supply Data
Royal Mail Address Redirection Check
Bank of England Sanctions
Politically Exposed Persons (PEPs)
US Office of Foreign Assets Control (OFAC) Sanctions

Key Benefits:

Standards Compliant ( FSA and Law Society )
No setup or licence fee
No minimum use - pay for what you use
Easy to use
Instant decision making
No need for expensive return of personal documents to customers
Equally applicable for face to face or remote customer contact.
Complete audit trail available
Capable of being moulded to your needs

Call now on 0845 094 8931 to discuss, or complete our online application form to open a no-obligation account.

What does the FSA Say?

"We are satisfied that electronic verification is a valid approach to ID and indeed in many cases is likely to offer greater confidence to the firm and be more convenient for the customer than a wholly documentary approach."

HM Revenue & Customs have published the following list of businesses included in the Money Laundering Regulations 2007.

Most UK financial businesses (banks, building societies, money transmitters, bureaux de change, cheque cashers, savings and investment firms) are covered. In addition the Regulations cover legal professionals (when undertaking some activities) accountants, tax advisers, auditors, insolvency practitioners, estate agents, casinos, high value dealers (when taking cash of 15,000 Euro or more) and trust or company service providers.

Businesses that could be a high value dealer include: jewellers, auctioneers, automotive dealers, antique dealers and retailers.

For guidance from HM Treasury, click here to download an introductory document.

There are 4 key elements which firms need to consider when seeking to comply with the Money Laundering Regulations 2007:

Compliant money laundering checks must be undertaken.
An appropriate Money Laundering Policy must be in place.
Records of money laundering checks must be retained for 5 years.
All relevant staff must be trained as to their responsibilities under the Regulations.

Veriphy can deliver all these elements to you to help you comply.

Here is an independent view of electronic verification:

The FSA requires firms they regulate to have robust procedures in place for ID verification and anti money laundering checks.

However, a determined fraudster can easily obtain a forged passport and other documents whose quality is so good even a forensic auditor can't tell they are forgeries.

No system is perfect but mortgage lenders are increasingly adopting electronic ID verification and although this can't satisfactorily prove ID in every case it can do so in around 90% of cases and can be more robust than paper ID verification.

Ray Boulger writing in Money Marketing, 10 August 2006, reviewing an edition of BBC Radio 4's Inside Money.

Veriphy's multi-source approach means it has taken the efficiency of electronic checks to even higher levels.