Client Due Diligence

Electronic identity verification enables professional services firms to deliver KYC compliance with the Proceeds of Crime Act 2002, the Terrorism Act 2000 and the Money Laundering Regulations 2007.

But what does identity verification actually entail?
Here’s how the Money Laundering Regulations 2007 mandate identity verification.

Section 5: Meaning of customer due diligence measures

• “identifying the customer and verifying the customer's identity”
• Using “documents, data or information”
• From “a reliable and independent source”

And how does ID verification work?

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 then automatically produces a report to show that customer identity has been proved.  Or otherwise!

Dispose with those mountains of paper by being able to show a due diligence audit trail.