Can I use electronic checks to verify a borrowers identity for anti-money laundering purposes?
There are a number of products that allow you to verify a person’s identity electronically. You should check with your professional body that these products comply with your professional body’s rules on money laundering and your duties under statutory money laundering requirements. The ‘safeguards’ section of the Lenders’ Handbook does not mention electronic checks and such means of checking identity does not appear to conform with the Solicitors’ Code of Conduct. This has been raised with the Solicitors Regulation Authority. The safeguards section of the Handbook also relates to fraud issues. You also should be aware that these products might not be suitable for fraud prevention purposes, such as verifying that a person’s signature is genuine.
Related Questions
- Are any electronic checks required to verify that the Applicant, Issuer, and/or Registrar are not the same person?
- Why do I have to supply personal identification documents and agree to anti-money laundering checks?
- Can I use electronic checks to verify a borrowers identity for anti-money laundering purposes?
