COVID-19: Supporting Our Clients

Our Flexible API Solution for KYC Compliance
March 10, 2020
Resilient Compliance – Protecting your Regulatory Compliance Functions in a Crisis
March 31, 2020

In these unprecedented times, it is vital that businesses get the support they need.

A lot has happened and changed in the past few weeks. From the rapid transition of the ‘business as usual,’ rhetoric to a full-scale lockdown – these are confusing and worrying times for any trading business.

The reality is this is not business as normal. These are unprecedented times, and this is a national health emergency – one that could drastically (but hopefully only temporarily) alter the landscape of British & International Enterprise.

This is not the time to sugar-coat the potential negative impacts of this crisis. This is the time to support one another, to explore new ways of working and to encourage new innovative solutions to unparalleled problems.

During this uncertain time, we must support our workforce, small and large companies alike and keep the wheels of business turning as much as possible.

At Veriphy, we are keeping up to date with the rapidly changing guidance issued by the UK government, regulatory compliance bodies and other official authorities.

We will use this page to keep our clients updated on any key compliance changes to enable you to protect your compliance functions during these pressing times.

It is our responsibility to ensure that compliance functions and security are upheld. Our system and dedicated support team are on hand to allow businesses to make all reasonable steps to ensure that their compliance will not be compromised.



Useful Links & Resources


This section contains key links of guidance, advice, and support for businesses. It will be continually updated and reviewed on a daily basis.

  • The Law Society
  • Click here for thorough advice from the Law Society. They provide detailed scenarios law firms should consider and the actions they should implement during this pandemic.

    Click here for guidance for conveyancers and house moves.

    Click here for the Law society's guidance for firms on the government’s Job Retention Scheme

  • The FCA
  • Click here for FCA regulatory guidance. The FCA advises all firms to take all “reasonable steps” to comply with regulatory compliance.

    Now more than ever, criminals will look to exploit this situation for their own gains. Therefore, it is the duty of regulated entities to continue to conduct thorough due diligence when it is needed.

    With home working and social distancing as the current governmental advice, firms should look where possible to use technology to aid their compliance efforts. If your firm is still manually checking documentation, you are going to struggle in this current climate to maintain a high standard of compliance.

    The newly implemented 5th directive gives a strong mandate to the use of Regtech and electronic verification systems. Now with this impending crisis, electronic checking can ensure that regulated entities AML & KYC obligations can still be fully fulfilled remotely.

  • UK Government Business & Employer Support
  • Click here to read about the support businesses can claim. For example, the measures include the Coronavirus Retention Scheme. This means employers can access a grant to cover 80% of retained workers wages up to £2,500 a month.

    Click here to apply for the coronavirus bounce back loan scheme. This loan will provide SME's with financial help of up to £50,000 due to the crisis.

    Click here to read about the new top-up grant scheme for small businesses that currently fall out of the scope of the business grant funds scheme.

    Click here to register for free support webinars created by The Department for International Trade for SME Businesses.

 
coronavirusbusinesssupport
Summary of UK Government Business, Employer & Employee Support. Accurate at time of publishing.
 
  • UK Government Support for Estate and Letting Agents
  • Click here to read the government's announcement of suspending business rates this coming financial year for Estate and Letting Agents that have been forced to close due to COVID -19.

  • UK Government Support for the Self-Employed
  • Click here to read about the government's self-employed grant scheme. This scheme could allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month.

  • Chancellor strengthens support for small businesses
  • Click here to read the government's further actions to support firms affected by the crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger organisations.

  • Government advice for Right to Work Checks
  • Click here for guidence when carrying out right to work checks during the coronavirus pandemic.



Our Commitment to You

12 years ago, Veriphy looked to disrupt the compliance market with a unique non-subscription model that would allow SME’s and large corporations alike to maintain full compliance whilst retaining commercial flexibility.

We have always been committed to providing robust yet affordable compliance solutions.

Our flexible terms mean that clients can align their risk management expenditure with usage. This means that if you require fewer checks this month, you can gain peace of mind knowing your invoice will reflect this. Our clients are and never will be tied to any contract terms nor be subjected to any usage quotas.

NO Checks – NO Charge.

As always, our support team is at hand to answer any queries you may have either via email or webchat. We will do our utmost best to help you protect your compliance functions during these challenging times.

You can also read our Businesses continuity and response plans here

We are running an express service to ensure your compliance does not get disrupted during these pressing times. We will get you set up in less than 24 hours.
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    Inglis Chartered Accountants
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