Compliance technology for lenders
Validate client identity and comply with AML regulations.
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As technology evolves, so do the tactics used by money launderers. With increasing cases of criminals looking to borrow money they can then launder, lenders are a key target for fraudsters. This means it’s crucial for lenders to implement robust Know Your Customer (KYC) and anti-money laundering (AML) policies that comply with various recommendations, such as those from the Financial Action Task Force (FATF).
Our AML checks and credit screens for lenders ensure you’re adhering to regulations and recommendations by regulators, and streamlining your client onboarding process.
In the first six months of 2023, there were 17,286 cases with intelligence indicating money mule activity filed to the Cifas National Fraud database
The functions of our checks for lenders
The consequences of failing to comply with AML regulations can be detrimental to your business, both financially and reputationally. So, it’s important to verify client identity to manage and mitigate risk as much as possible.
Our AML identity checks
Our JMLSG and 5th Directive compliant AML identity checks will verify your clients against:
- Full and edited UK electoral registers (current and historical)
- Recent credit file activity data
- Birth index register
- Telephone directory
- Mortality register
- Departure register
- Sanctions (HMT, EU and OFAC)
- Global and UK domestic global PEP and sanctions lists
We also offer optional screening services for UK and global passports, GB driving licenses, and National Insurance numbers, as and when you need them.
Our credit screen
Our credit screening tool offers greater peace of mind about a client’s reliability, and trustworthiness to pay back any funds you lend to them.
Plus, it can slash onboarding time significantly, while maintaining compliance with AML and KYC regulations. You can find out about any:
- CCJs
- Bankruptcies
- IVAs and Scottish equivalents
- Details of judgements and registrations e.g., amounts, locations, and dates with confirmation of address
Once an applicant has become a client, you can repeat the screening checks at any point.
Streamline client onboarding with API integration
As a lender, it’s critical to verify and validate that the people you are loaning money to, are using it in a legitimate way. With our AML checks and credit screening technology, you’ll be compliant with regulations and creating an efficient onboarding experience for your clients.
Our expert consultants can help to seamlessly integrate our AML checks and credit screening technology into your existing systems, so you can conduct all your compliance processes from one place.
