How can identity verification aid anti money laundering compliance?
The Money Laundering Regulations 2007 mandate identity verification whenever FSA regulated firms “establish a business relationship” with a new customer. So what does identity verification for AML compliance actually entail? Section 5: Meaning of customer due diligence measures • “identifying the customer and verifying the customers identity” • Using “documents, data or information” • From “a reliable and independent source” And how does ID verification aid money laundering compliance? Customer details such as name, address, date of birth and other customer characteristics are tested against our ID databases in less than a second. Our ID check solution automatically produces a report to show that customer identity has been proved. Or otherwise! Your AML compliance checks are then time and date stamped and stored in our archive; making it easy for your MLRO to refer back to them when needed. Our compliance tools are recognised by key industry bodies such as the JMLSG, the Law Society, t
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