Anti-Money Laundering (AML) is all about ensuring that you and your business are protected when new investors come into your business. It's there to stop money from criminal sources from penetrating your business. Covering your due diligence is required by HM revenue where the responsibility on the business to prove that people are who they say they are when entering and during a business relationship.
Before working with new customer your business is required to obtain information on *The purpose of the relationship *The intended purpose of the relationship The sort of information that you should look to get is *Details of the customers business *The expected level of activity *copies of recent financial records *The source of money your customer will be using *The relationship between those whose who sign and those who benefit from the arrangement.
During an existing relationship with a customer you still need to ensure that the interests of your company are aligned with the requirements set out by HMRC. The main occasions where vigilance is required are *Where customer circumstances change *When you a carry out a large than normal transaction (over £10,000) *Whenever you suspect money laundering or terrorist financing *If there are any doubts about the existing information you have.
We can provide you and your business with the reassurance required to onboard new customers and grow your business in the right way. We have number of solutions that confirm those you want to do business are exactly who they say they are. Our software platforms will ensure that you can implement your AML processes and keep your organisation compliant with all UK and EU policies on the matter.
ProveID will provide verification that adheres to HMRC and the EU guidelines on AML allowing you to proceed with confidence.
Document verification takes away the need to check documents manually so that you can onboard new customers quickly.
Identity checking will allow a deeper understanding of the data provided in an AML check, useful for high volume users such as banking and those in Financial services.