Introduction Businesses in the financial sector and law firms will find the term money laundering all too familiar. Money laundering costs the UK economy millions of pounds annually and can also be accredited with terrorist financing and organised crime. The UK government has regulations and guidelines to ensure all businesses within these sectors are legally obliged […]
Acceptable Forms of ID Documents in the UK In the United Kingdom, some documents are acceptable as proof of identity. These include a valid UK passport, driving license and identity cards. Birth Certificates by themselves are not considered to be evidence of identity. Often easy to get and replicate, they are usually supporting documents to […]
Introduction In every business or organisation, the policies and procedures form the foundation of all operations. A structure is needed to guide a business towards best practices and give them standards to meet; without these in place, a company's processes can become inefficient and, in the worst case, dangerous. These procedures are often grouped as […]
What is simplified due diligence? When verifying a customer's identity, it can often be tempting to practice something called simplified due diligence. This is the lowest form of due diligence you can conduct when validating a client's identity. This level of due diligence is usually only appropriate when you know this client presents little to […]
Have you ever purchased a property before and had to hand over months' worth of bank statements? This can sometimes feel intrusive and a breach of privacy. But why do solicitors and conveyancers and others in the financial system ask you to provide this information? And when does a solicitor check proof of funds? Solicitors and […]
What is Biometric Facial Recognition? Biometric facial recognition technology is software that scans a person's facial characteristics and then compares that against a scourge image, determining a percentage match. Most commonly, facial recognition is used for authentication and verification of a person's identity through an app. Biometric recognition software will be able to identify individuals […]
Introduction Can an expired passport be used as an ID? The short answer is no; an expired passport or photo ID is officially an invalid form of identification and cannot be used to verify identity when setting up a bank account, taking out a loan, buying a house or getting legal advice, for example. It […]
Introduction Anti-money laundering (AML) regulations mean regulated businesses such as estate agents, law firms, and financial institutions, or any business within the financial sector must perform AML checks on new clients. AML checks for estate agents are essential as real estate transactions are a widespread form of money laundering; this puts something called black funds […]
Introduction You would have had to prove your identity if you had previously used the services of a regulated business, such as a solicitor, real estate agent or any legal service or practice. This would have been done in the form of you supplying a photo ID like a passport or a driving licence. But what […]
Buying a first or new property can be an exciting but very stressful time for first-time buyers and homeowners, especially when doing through anti-money laundering checks when buying a house. One of these stresses is the continuous back and forth with estate agents, solicitors and financial institutes, supplying documents and identification such as driver's licence […]
