Resilient Compliance – Protecting your Regulatory Compliance Functions in a Crisis

COVID-19: Supporting Our Clients
March 25, 2020
Beware of Coronavirus-related Fraud & Money Laundering Schemes
April 22, 2020

To ensure maximum security and full regulatory compliance, firms need to make the switch to an electronic AML platform.

COVID- 19 poses major challenges to all businesses. However, for regulated entities who rely on manual checking the threat of disruption is grave.

Regulatory Compliance isn’t optional. Remain AML Compliant.

The financial, legal & property sector is obliged, regardless of the circumstances, to perform identity verification checks on all customers before conducting in any business. Depending on the customer and the nature of the business, they can also be obliged to carry out enhanced checks as well as routine monitoring.

Manual checking is inadequate, and this crisis exposes its weaknesses.

Traditional paper-based identity-checking has always had its shortcomings and this crisis serves only to exacerbate this.

Electronic checking is more cost-effective, reliable & secure as it can screen clients against various & officially recognised databases in seconds.

Firms that rely on document-based identity-checking will suffer in this present climate. With restrictions on social contact, the reality is that traditional forms of checking are not viable.

Continuing to rely on these methods will not only put your organisation’s compliance functions at risk, it will also endanger your business's ability to move forward.

Have you considered the impacts of COVID-19 on your client onboarding process?

Without a resilient compliance strategy in place, identity checking is not only an administrative & time-consuming nightmare but in the present climate it becomes virtually impossible.

Due to restrictions on social contact, face-to-face meetings are unfeasible and the security implications of sending client ID documents to employee’s addresses is hazardous.

If solutions to these problems are not implemented - expect to lose business at a time when allowing potential custom to slip through the net could become financially fatal.

Resilient Compliance with Technology

The good news is that these problems can be easily solved via innovative Regtech solutions.

Firm’s must have adaptable risk management systems especially in times of unpredictability.

Regtech and Electronic AML platforms allow organisations to build resilient regulatory compliance procedures that, crisis or not, keeps the wheels of business turning.

Protect Your Compliance Functions with Veriphy

Veriphy’s multi-award-winning AML, People & Company Checks platform has helped tens of thousands of organisations to build resilient compliance measures through the use of Regtech.

It has enabled small and large companies alike to perform compliant KYC on anyone – regardless of location and distance.

Always be a step ahead. Veriphy can get you set up in less than one working day and requires no prepayment nor any contractual commitment.
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    Inglis Chartered Accountants
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