Take a look at our latest Blogs
How improving KYC processes can help you to gain more business
Tony Machin
September 21, 2021
Regardless of your industry, you shouldn’t see KYC checks as a luxury. Money laundering alone costs the UK more than £100 billion every year, and affects all kinds of companies of all sizes.
Anti-Money Laundering for Art Market Participants –top tips when checking identity
Christie Lewis
September 2, 2021
Art dealers and antique traders, as well as any intermediaries such as galleries and auction houses, who accept or make payments of €10,000 or more must carry out customer due diligence (CDD) to ensure they understand who they are dealing with. AMPs can face significant penalties, including fines or even imprisonment, if they are found to be involved in money laundering activities.
5 things to look for when checking an identity document
Christie Lewis
July 19, 2021
Whatever industry you are in, you may well have been presented with an identity document at one point or another; be it for a Right to Work (RTW) check or a Know Your Customer (KYC) check. But how easy is it to spot a fraudulent identity document?
Automated KYC verification: ease your regulatory burden
Tony Machin
July 5, 2021
In 2020, HMRC issued a record fine of nearly £24 million to a money service business called MT Global for breaching money laundering rules. One of the offences committed was failing to conduct ‘fundamental’ due diligence which involves verifying a customer’s identity and, where appropriate, their line of business.
Managing AML compliance in uncertain times
Tony Machin
July 1, 2021
I recently wrote an article which appeared in ‘The Accountant online’ looking how accountants can conveniently comply with Know Your Customer (KYC) and Anti Money Laundering (AML) requirements in a fast-moving business environment. Read on for a summary of the article.
Right to Work checks – What they mean and how automation can help
Christie Lewis
July 1, 2021
Making robust, consistent identity document checks is a fundamental and critical first step in any Right to Work process – to ensure the person you’re hiring is who they say they are and that they have the correct evidence of their Right to Work in the UK.
Digital KYC checks combined with human expertise – the best way to protect your business
Tony Machin
June 14, 2021
What is a digital Know Your Customer (KYC) check and is it important? We are living in a digital age. Smart phones, smart speakers and connected devices are everywhere, and connected to all aspects of our lives. So, if you are working in a profession that requires you to comply with UK anti-money laundering (AML) […]
Keeping up with the big players – how IFAs can manage KYC compliance with limited resources
Tony Machin
June 8, 2021
As an Independent Financial Advisor, you’re legally required to perform Know Your Customer (KYC) checks as part of Anti-Money Laundering (AML) compliance. But, even without the legal imperative, there are compelling reasons to follow due diligence. Properly conducted KYC checks can not only guard against money laundering, but also prevent corruption and fraud. All these […]
Online KYC checks help estate agents battle rising fraud in challenging times
Tony Machin
May 3, 2021
If you’re an estate agent supervised by HMRC for anti-money laundering purposes, you will need to meet the approval requirements and perform robust Know Your Customer checks (KYC) as part of your Anti-Money Laundering (AML) compliance. But the steady rise in property fraud over recent years, combined with a noticeable spike in cases during the […]
What is KYC and why are online KYC checks good for small businesses
Tony Machin
March 8, 2021
With identity and financial fraud risks growing in an increasingly online, remote world, no business is safe from financial fraud. A recent poll from major accountancy firm BDO found that six in ten mid-sized businesses in the UK were hit by fraud in 2020, with an average loss totalling £245,000.
