SME
Implementing AML checks via a UI platform to strengthen a small accountancy firm’s defence against fraudsters and financial crime
Background
The Money Laundering Reporting Officer (MLRO) of an accountancy firm based in the South-West of England that services the UK and beyond was seeking platform access to Veriphy’s suite of checks for all their branches.
How we helped
We worked with the client to get individual branches of the accountancy firm set up on the Veriphy system, allowing for discrete invoicing. Users were assigned individually, and provided access to AML, biometric, PEP and sanctions monitoring, fraud, bank, and company checks. This enables users to run screening and identity checks on both local and remote clients, and kick-started a programme of monitoring that would detect changes in PEP or sanctions status, as well as company reports that detect changes in financial status and ownership structure.
Implementing the Veriphy platform means the client could also leverage reporting and user-management functionalities.
Results
- Cost-saving from gaining access to multiple checks from key suppliers without associated platform or set-up fees
- Smart usability with the Veriphy UI accessible with any web-enabled device
- Smoother and more efficient client reviews with minimal fuss