Money Laundering Compliance
Our global ID verification tools help regulated firms quickly complete anti-money laundering compliance and get on with the business of earning money.
Allied to our global Anti Money Laundering compliance tools, is an understanding of the regulatory drivers from around the world so that we can offer you both expertise and technology.
Here's a summary of the most important features of money laundering compliance taken from the UK Money Laundering Regulations 2007 and a view on where our technology helps firms comply:
Meaning of Customer Due Diligence
“Section 5: Meaning of Customer Due Diligence measures
(a) Identifying the customer and verifying the customer’s identity. (b) Using documents, data or information. (c) From a reliable and independent source.”
The 192business' Anti Money Laundering compliance enables firms to both identify & verify and is widely recognised as a reliable source of verification technology.
“Sections 5, 6 and 7: A beneficial owner
(a) A body corporate.(b) Any individual who owns or controls more than 25% of the share or voting rights in the body.”
192business also enables firms to verify beneficial owner details including shareholders, directors, company name, address and company registration number.
When do firms have to do AML checks?
“Section 7: A relevant person must apply customer due diligence measures when he establishes a business relationship...and at other times on a risk sensitive basis depending on the type of customer, business relationship, product or transaction”
“Section 8: Keeping the documents, data or information obtained for the purposes of applying customer due diligence measures up-to-date
192business’ enables firms to carry out anti money laundering compliance on their clients in a matter of seconds and replaces old fashioned time-consuming processes such as photocopying and filing copies of ID documents.
Why choose us?
- Our compliance tools are recognised by key industry bodies such as the the Law Society, the JMLSG, the UK Gambling Commission and gambling regulatory authorities worldwide.
- Our global ID verification tools help regulated firms quickly complete anti-money laundering compliance and get on with the business of earning money.
To find out how you we can help your firm comply, please complete our free trial form here.