Introduction Legal automation refers to using technology to automate various tasks and processes within the legal industry. This can include everything from managing legal documents and case files to creating legal contracts and agreements to analysing legal data and precedent. We at Validient automate the know your customer (KYC) and anti-money laundering (AML) checks that […]
Introduction Ever wondered what is an AML check? Anti-money laundering (AML) checks are procedures and processes that financial institutions and other regulated entities follow to prevent, detect, and report money laundering activities. Money laundering is disguising the proceeds of illegal activity as legitimate funds. It is a significant problem that threatens the integrity and stability […]
What is beneficial ownership? The term beneficial ownership is used when a person or persons owns a company or property or has significant influence or control. These are called the beneficial owner or owners. Identifying the beneficial owners of a business and their corporate structure is very important, as there is a difference between a […]
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 […]
