A quick and easy way to meet your Anti-Money Laundering (AML) and Know Your Client (KYC) obligations

Compliance with Money Laundering, Proceeds of Crime and Terrorism Regulations presents a significant challenge for the UK Accountancy profession with substantial financial penalties or even imprisonment for non-compliance. Being able to demonstrate satisfactory Client Due Diligence (CDD) or Enhanced Due Diligence (EDD) requires that each client or beneficial owner is 'verified' either using hard copy documents or electronic means. Even if you have a steady client base and you know them well, you still have an obligation to perform 'ongoing monitoring' of the business relationship.

There are minimum standards for client verification in accordance with the Money Laundering Regulations and The Consultative Committee of Accountancy Bodies (CCAB) Guidance and proof of verification is crucial as evidence in any subsequent investigation.

e-Verification* - a robust defence against money launderers attempting to abuse your professional services

CallML is an electronic form of ID verification which helps Money Laundering Reporting Officers (MLRO's) or nominated officers to better identify suspicious business activities. 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.

Our best practice solutions access a full range of positive, corroborative, negative and value added data sources to help you identify whether your client is:

• A Beneficial Owner
• A Politically Exposed Person (PEP) - Domestically or Internationally
• Presenting a Stolen Passport
• Listed on CIFAS for known Identity and Impersonation Fraud
• Subject to HM Treasury Sanctions
• On The Specially Designated Nationals List (OFAC)
• Known as Deceased
Subject to CCJs or Personal Insolvencies
• Plus many more…

Using CallML to perform 'batch' checks on existing clients or one-off checks on new clients will save your firm time and money, as it provides a clear 'pass' or 'refer' decision within seconds, rather than days. For clients, it also reduces the hassle, risk and cost of sending important original ID documents by post. Should it be required, CallML can also capture and verify paper documents, building further confidence in the ID check. It will also show you their date of birth if it appears in the data.

Providing a transparent view of data held on each individual

CallML automatically produces an AML Report which provides a full audit trail of the input and returned data as well as the decision and date. This can easily be printed or converted to PDF to file away electronically alongside client records.

Taking e-Verification to the next level

For Accountancy firms who want to take their verification processes to the next level, CallValidate can provide more thorough checks against our credit referencing database to confirm that the bank card and bank details are correct and that they match those of your client. These extra checks can prove invaluable when dealing with remote or high-risk clients and can help highlight 'true' beneficial owners.

What's more, the user can choose a range of challenge and response questions based on the wide range of datasets held in the system to help robustly prove a person is who they say they are. This might include using consumer credit data to question them about their bank accounts and recent banking activity for example.

To find out more about our Accountancy Solutions contact us and one of our experts will contact you shortly.

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*The use of e-verification is recognised by the Institute of Chartered Accountants of England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Association of Chartered Certified Accountants (ACCA), Institute of Financial Accountants (IFA) and the Chartered Institute of Management Accountants (CIMA).