anti-money laundering

It may seem like excessive regulation or pervading red tape, but the confident verification of client ID is an essential part of current anti-money laundering (AML) legislation. All those who have AML obligations under the 2007 Money Laundering Regulations, must 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 or beneficial owner; however traditional methods used to conduct identity checks are costly, time consuming and could themselves present a security risk in the form of forged documents. Fortunately, these outdated methods of ID verification have now been surpassed by a new breed of ID check - electronic identity verification (e-ID).

Tracesmart is a market leader in the field of e-ID provision and provides an adaptable, user friendly and reliable tool with which to validate identity and enable AML compliance – ID.

AML Compliance

Developed to ensure anti-money laundering compliance, ID meets the standards for electronic identity verification as set out in the Joint Money Laundering Steering Group (JMLSG) guidance. ID enables AML compliance by allowing you to:

• Screen individuals against PEP and Sanction data
• Exhibit good governance with a paperless audit trail
• Identify clients not physically present
• Verify identity without leaving a credit footprint

Beyond anti-money laundering

In addition to being one of the most comprehensive and powerful AML identity checks on the market and providing your company with a robust anti-money laundering tool, ID also offers a whole host of additional business benefits:

• Cut the cost of verifying identity
• Provide a seamless client experience
• Reduce administrative overheads
• Conduct business confidently and effectively

To arrange your free trial please contact us today.