Searches UK recognise the difficulties firms can be faced with when conducting identity checks on their clients. That’s why we recommend saving time and money by using our AML electronic identity check to ease the process for your firm and your clients.
Customer Due Diligence is required by the Money Laundering Regulations 2007 to help you better identify suspicious transactions. This includes identifying your client and verifying their identity through information obtained by reliable sources. This is particularly important for solicitors working in conveyancing, trust, corporate, probate, tax and insolvency as these areas are most exposed to money laundering. As Identification checks become more significant across various business areas, E-verification is undoubtedly one of the safest ways forward.
As the world becomes more interconnected; with many firms dealing with clients working or living abroad, it can be difficult to arrange for a client to attend the office to provide relevant documentation. Searches UK’s AML Identity Check is not only cost effective, but is a more efficient way of accessing the relevant documentation needed to verify your client’s identity and comply with the Money Laundering Regulations.
The online verification system introduced to the UK market some years ago is now progressively used by many law firms as a due diligence mechanism in anti-money laundering (AML) systems. The use of electronic databases has increased globally across various businesses, particularly law firms who have saved much time and money by using this modernised process.
E- Verification is the easiest and most practical method of verifying your client’s ID and by ordering this through Searches UK, you can check your client’s identity and address are correct, and that the person you are dealing with is the person who they say they are.
Key Features
Each individual’s data is measured in three dimensions, the breadth, depth and quality. The process looks at the number of electronic records it can be matched against, how far back in time they go and the processes that were in place when the records were created. The solution accesses an unrivalled level of quality data sources to authenticate a customer, including:
– Accommodation Address File — over 8,000 addresses
– Address links — over 330 million records
– Aliases and Associates — over 127 million records
– Application databases — in excess of 180 million records
– National Telephone Directory — over 15 million telephone numbers
– CIFAS, the UK’s Fraud Prevention Service — over 500,000 records
– Credit Account Information Sharing — over 400 million records
– Electoral Register — over 45 million individuals
– Mortality File — over 5 million records
– Postal Address file — over 28 million addresses
– Public Information File (CCJ’s Decrees in Scotland, Bankruptcies, administration orders, voluntary arrangements) — 6 million records
– Redirect Check database (Royal Mail) — 2 million records
– Sanctions data (data from OFAC, Bank of England and PEP)
Searches UK offer a range of Residential and Commercial searches including Council and Regulated Local Authority searches, environmental searches, chancel checks, mining searches, flood searches and much more. In addition we offer Lawyer Checker services, Reimbursement schemes, case management systems and COLP and COFA reporting systems.
For further information about Electronic AML Identity Checks or any of the products or services offered by Searches UK please email us at info@searchesuk.co.uk or visit our website at www.searchesuk.co.uk, alternatively if you would like to speak to one of our Conveyancing Specialists directly please call 0845 241 1815 and one of our team will be more than happy to help you.
