AML client identity validation with Equifax
Before you onboard a client, you must prove their identity exists and confirm that they are allowed to do business in the UK. As reconfirmed on 31 December 2020, checking Government watchlists, has been a legally required part of this process. Our AML client identity validation feature makes it quicker and easier to meet these obligations. By using a number of different databases, it decreases the chances of being unwittingly involved in money laundering and reduces your exposure to fraud. You can also confirm your client is the person whose identity they are claiming using our biometric ID document checks.
Please note – digital client onboarding should be incorporated into your firm’s overall approach to anti-money laundering and should not be seen as a stand alone AML solution.
How AML client identity validation works
Our AML client identity validation feature helps solve the time-consuming problem of gathering the vital information you need to make an informed decision about a client. All you need to do is input the details you have about your client. The online platform then checks your client’s details with multiple sources.
These sources include:
- The Electoral Roll
- Halo’s Deceased Database
- Insight Credit Agreements
- Court Data
- The UK Sanctions List
- The Politically Exposed Person (PEP) List
- CIFAS Fraud Database
The benefits of anti-money laundering client identity verification
From the Money Laundering Regulations 2017, enhanced due diligence is a necessity for all relevant firms. Our online AML client identity validation feature goes a long way to satisfying the regulations, and so further protects your firm from the risk of becoming unwittingly involved in money laundering or terrorist financing.
Our AML client identity validation service has a number of benefits compared to our competitors:
- There is no monthly or annual subscription to pay
- You can buy any number of checks – from 1 to 1,000+ – on a Pay As You Go basis
- Once purchased the checks are valid for 3 years rather than 1 year
Performing these rigorous checks in person is time consuming and leaves your firm exposed to human error, which is sometimes unavoidable. Using our online platform is more secure and accurate than physical verification.
Once you’ve performed the online anti-money laundering client identity validation using AMLCC, the information is saved to your client’s risk assessment providing you have a full AMLCC subscription. If there are any high-risk results, the system automatically gives guidance and practical advice on mitigating the risk.
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