Giving you the tools to make informed decisions
As a registered Authorised Payment Institution (API) you need to be able to verify new clients quickly and efficiently using the best data available. Not only to ensure the speed and efficiency of the money transfer service, but also to safeguard against potential fraudulent use of your services.
The UK Payment Services Regulations 2009 covers all companies offering payment services including money transfer companies. All money transfer firms are regulated by the Financial Conduct Authority (FCA). Firms must also be registered with HM Revenue and Customs and must comply with the 2007 Money Laundering Regulations, the EU Payments Regulation and the Counter Terrorism Act 2007 Section 7. With the threat of financial penalties or criminal prosecution it is essential that you can demonstrate satisfactory customer Due Diligence (CDD) or Enhanced Due Diligence (EDD) by being able to show that each of your customers are ‘verified’ either using hard copy documents or electronic means.
So what is best practice?
The current directive states that if you foresee a ‘relationship’ that could amount to €15,000 or if you suspect a high risk then AML checks should be carried out. With the 4th directive due out imminently the threshold is going to be much lower. With this in mind, best practice commands that you should perform a check every time, especially so when the transaction is online and the risks are unknown.
E-verification* - a robust defence against money launderers attempting to abuse your services
CallML is an electronic form of ID verification which helps UK Money Transfer firms better identify suspicious activities without adding time to the process.
It accesses a whole range of independent data sources, to perform a reliable and cost effective identity check. It includes checks against the Electoral Register (also known as the full electoral register) and a range of quality data sets, including personal credit account data shared between UK banks, building societies and other lenders.
- Verify name, address and date of birth
- Deceased datasets
- HM Treasury Sanctions file
- Politically Exposed Persons
- OFAC/Specially Designated Nationals file
- Goneaway confirmation
- Forwarding address link confirmation
- CIFAS alerts
Know your customer, wherever they are from
If your customers are from outside the UK it doesn’t have to make the money transfer process more challenging. Our online global verification tool, CallValidate International, can be used to instantly perform a proof of residency check, to satisfy your customer is who they say they are.
CallValidate International is suitable for authenticating clients either face to face or remotely and reduces the risk significantly when transactions are carried out online.
To find out more about our Money Transfer Solutions please complete our online business enquiry form and one of our experts will contact you shortly.