AML policy documents – Is your business compliant with legal and regulatory requirements?
When you work in the financial services sector and other related sectors that are at risk of becoming victims of …
Insight
Whether you are assessing how well your current AML provider can support your organization’s regulatory needs or you are researching for a completely new provider, there are some important principles you should be aware of.
In this article, we will explore the key points you need to know about anti-money laundering software, providers, and their services.
Using Electronic Sources to Verify Identity
Information and sources obtained via an anti-money laundering software need to be risk-assessed before use to ensure that the system can meet the basic conditions of being:
- secure from fraud and misuse
- capable of providing an appropriate level of assurance that the person claiming an identity is the person with that identity.
Evaluation of an Anti-money Laundering Software
The regulations do not require specific aspects of technologies. Rather you need to independently evaluate whether your system of choice and its data sources is sufficiently extensive, reliable, accurate, and independent to your clients.
Consider the following as a non-exhaustive list of principles and criteria to help you evaluate any anti-money laundering software:
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- Is the provider recognised, through registration with the Information Commissioner’s Office (ICO), to store personal data?
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- Are they recognised by the JMLSG as an AML provider?
- Where does their data come from?
- Specifically, does the service provide a range of multiple, positive information sources, including other activity histories where appropriate, that can be called upon to link an applicant to both current and previous circumstances?
- Moreover, can the service access negative information sources, such as databases relating to deceased persons?
- Veriphy, through our multiple partnerships, can draw from a multitude of data points. This has allowed us to formulate a comprehensive suite of AML, People & company checks to satisfy your AML, KYC & regulatory compliance needs all in one place.
- How often is their data updated and is the system considered reliable?
- AML providers should supply you with information on their methodology, their system’s reliability, and how their checks are in line with regulatory obligations. You can find Veriphy’s Compliance document here.
Your needs as a business
Once you have established that the anti-money laundering software under evaluation meets regulatory conditions, you then need to consider the system against your needs as a growing organisation.
Use our Checklist to help you find the right solution:
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- Are prices fixed and transparent?
Veriphy’s AML checks are £4+VAT per check. We pride ourselves on our transparency and are committed to providing quality data at an affordable price. This means we only charge our clients for the checks they run – no setup fees & no expensive search packages or subscriptions.
Our standard rate is ideal for SME’s who have a smaller number of checks to carry out per annum. For larger businesses, Veriphy offers reduced rates based on projected yearly check volumes.
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- Is there a contractual agreement for a fixed period?
Many providers will require their clients to sign for a fixed amount of time to their service (usually 1 to 3 years at either a fixed monthly or yearly rate.)
Veriphy offers a flexible and alternative pricing solution to suit all businesses. We operate under a ‘no contract’ ethos meaning that you do not need to contractually commit to our services. Moreover, you will not be required by our system to commit to any minimum or maximum usage quotas.
To reiterate, we charge only for the checks that you undertake. We do not require pre-payment, and we do not require a minimum level of checks. You have the freedom to choose. Set-up, subscription, support, and the addition of new users is all free.
We invoice monthly in arrears, by email. We accept payment by card, BACS, direct debit, or cheque. Our system includes a full management and audit facility.
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- What other services do they offer to help verify clients?
We offer professional firms with the tools to implement a successful anti-money laundering program via our The Three Pillars of Compliance Initiative. To learn more about the Pillars of Compliance, download our free guide here.
Veriphy also offers a range of advanced AML products for due diligence and ongoing monitoring needs. This includes PEP & Sanction monitoring, facial recognition, and liveness checks as well as batch AML checking.
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- What customer support do they provide?
We offer complimentary and free support to all our clients. Our dedicated support team is always on hand to provide advice and guidance to ensure you remain AML compliant.
How can Veriphy help?
Let us help you build and maintain the foundation of your AML compliance program.
Whether on the market for a new electronic AML system or just getting started, Veriphy can provide a host of solutions to ensure your due diligence internal controls and procedures are robust and efficient.
Talk to one of our compliance specialists today to receive a free consultation or click here to get a demo & a free complimentary AML check.
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