Anti-Money Laundering (AML) service

Money laundering is when criminals illegally move money through the financial system to hide its original source and make it look like it was earned legitimately. Anti-money laundering (AML) refers to the regulations, measures and procedures adopted by an organisation to prevent money laundering.

Regulated business, such as those in finance, property and insurance as well as high-value retailers and art-dealers, are legally obliged to comply with AML regulations. Running rigorous Know Your Customer (KYC) checks as part of AML compliance, protects them from the risk of money laundering, fraud and financial crime.

A vital first step in AML compliance is customer due diligence – including KYC checks,  Politically Exposed Person (PEP) and Sanctions screening – to ensure that your customers are who they say they are.

TrustID offer a straightforward, reliable way to manage this due diligence through an online service. Firstly, for KYC checks, the TrustID service assesses the authenticity of the identity documents presented by users and customers. TrustID are identity document experts and the service offers a unique combination of industry-leading technology and human analysis to validate identity documents from around the world.

This identity verification stage may then be followed with a biometric face match to compare the face from the photo on an identity document (e.g. a passport) to a selfie of the person claiming to be the holder and a passive liveness detection test to confirm that the selfie was taken by a live person.

The TrustID service can also perform a PEP and Sanctions check, with or without ongoing monitoring, and straightforward address verification.

TrustID’s online verification and AML service can be accessed in different ways. Customers can capture images of identity documents and upload the images through their laptop or smartphone device. Alternatively, TrustID customers can issue one-time access to their applicants or users. This is known as a Guest Link.

When a TrustID customer issues a Guest Link, the service sends an email to the applicant asking them to upload their documents directly. To do so, the applicant clicks on the embedded link from a smartphone or tablet device and can follow the straightforward steps to upload their own identity documents.

Once the documents have been verified and any other checks carried out, results are returned directly into the dashboard of the TrustID account holder.

In order to carry out KYC checks, identity documents are uploaded to the TrustID cloud server via a secure, encrypted communication.

The TrustID service reads and validates information from the document and assesses whether it is genuine. It also checks whether it is recorded on a police watch list.
This identity verification stage may then be followed with other checks, including biometric face matching, PEP and Sanctions checks and address verification.

Once all checks are completed, the results are returned to the users’ account dashboard.

Users can choose to store records on the TrustID servers for a defined period of time before downloading them. During this time, records are only viewable by the employer, TrustID Document Helpdesk staff and IT administrators providing technical and maintenance support.

The default retention period is 7 days, after which the documents are automatically deleted by TrustID. If an applicant is subject to ongoing monitoring and requires a periodic review of their information this retention period doesn’t apply.