With the implementation of the 2007 Money Laundering Regulations on 15th December, 2007, those who are affected by Anti-Money Laundering (AML) legislation have to ensure they have adequate Customer Due Diligence systems in place.
A fundamental part of the Customer Due Diligence process is the confident identification of the client and (if not the client themselves) the beneficial owner. However, traditional manual identity checks are costly, time consuming and could themselves present a security risk in the form of forged documents.
To help maintain their AML compliance, many firms are now turning to the more robust, secure and cost effective alternative to manual ID checks - electronic identity verification.
AML
Our AML electronic identity verification solution Smart ID Plus provides you with the means to confidently ‘know you customer’. Meeting the guidelines on electronic identity checks as advised by the Joint Money Laundering Steering Group (JMLSG,) our AML identity check will allow you to:
- instantly identify customers/beneficial owners
- vary verification level in proportion to risk presented
- screen clients against PEP (Politically Exposed Person) and Sanction databases
- verify identity even when client is not present
As well as allowing you to be confident that you are compliant with Anti-Money Laundering regulations, Smart ID Plus will also save you time and money. Identity can be verified instantly, avoiding a drawn out application process and all checks are stored electronically for five years; not only negating the need to keep paper records, but supplying MLRO’s with an audit trail accessible anywhere that they can access the web.
Smart ID Plus is the most comprehensive and powerful AML ID check on the market and is helping hundreds of firms protect themselves against this form of financial crime – try it for free, contact Tracesmart Corporate.
