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.
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:
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:
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:
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 licence 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.
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.
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.
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.
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.
Loving your company's services! I switched to you from another provider, and what you deliver is much better, and your web interface is so much simpler to use.
I absolutely love it. I can't believe how easy it is to use and how user friendly it is in its format.
Love it – very happy client as well as we can now speed up the process by 4 days for him.
The system was extremely easy to set up and we were up and running with it very quickly… It made a refreshing change to be in that position so quickly.
This is very user friendly – brilliant! I wish I’d discovered this at the start of trading.
Very clear & simple. Used it, without reading the manual of course, just to give it a try. Excellent service.
I have just used Veriphy for the first time. It is excellent – so much easier than chasing old passports and utility bills that are sent by email.