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Author: Tony Machin

Automated KYC verification: ease your regulatory burden

Tony Machin

July 5, 2021

In 2020, HMRC issued a record fine of nearly £24 million to a money service business called MT Global for breaching money laundering rules. One of the offences committed was failing to conduct ‘fundamental’ due diligence which involves verifying a customer’s identity and, where appropriate, their line of business.

Managing AML compliance in uncertain times

Tony Machin

July 1, 2021

I recently wrote an article which appeared in ‘The Accountant online’ looking how accountants can conveniently comply with Know Your Customer (KYC) and Anti Money Laundering (AML) requirements in a fast-moving business environment. Read on for a summary of the article.

Is the future a digital right to work?

Tony Machin

June 22, 2021

Could a digital Right to Work (RtW) solution make RtW checks faster, more convenient and more secure? In an article in HR Director (published June 2021), I looked at Right to Work (RtW) checks and considered this question. Here are some of my thoughts…

Digital KYC checks combined with human expertise – the best way to protect your business

Tony Machin

June 14, 2021

What is a digital Know Your Customer (KYC) check and is it important? We are living in a digital age. Smart phones, smart speakers and connected devices are everywhere, and connected to all aspects of our lives. So, if you are working in a profession that requires you to comply with UK anti-money laundering (AML) […]

Keeping up with the big players – how IFAs can manage KYC compliance with limited resources

Tony Machin

June 8, 2021

As an Independent Financial Advisor, you’re legally required to perform Know Your Customer (KYC) checks as part of Anti-Money Laundering (AML) compliance. But, even without the legal imperative, there are compelling reasons to follow due diligence. Properly conducted KYC checks can not only guard against money laundering, but also prevent corruption and fraud. All these […]

Online KYC checks help estate agents battle rising fraud in challenging times

Tony Machin

May 3, 2021

If you’re an estate agent supervised by HMRC for anti-money laundering purposes, you will need to meet the approval requirements and perform robust Know Your Customer checks (KYC) as part of your Anti-Money Laundering (AML) compliance. But the steady rise in property fraud over recent years, combined with a noticeable spike in cases during the […]

What is KYC and why are online KYC checks good for small businesses

Tony Machin

March 8, 2021

With identity and financial fraud risks growing in an increasingly online, remote world, no business is safe from financial fraud. A recent poll from major accountancy firm BDO found that six in ten mid-sized businesses in the UK were hit by fraud in 2020, with an average loss totalling £245,000.

Fake identity document statistics – how the landscape changed in 2020

Tony Machin

February 16, 2021

As you may know, at TrustID we are constantly monitoring data gathered across our customer base, to help guard against the ever-present risk of identity fraud and spot any relevant trends. In this blog, we analyse the data we collected in 2020.

Latest whitepaper by the Association of Document Validation Professionals (ADVP)

Tony Machin

February 16, 2021

The ADVP is a trade body, founded in 2018, representing UK-based companies involved in the electronic validation of identity documents. This blog offers a brief insight into the latest ADVP white paper and highlights the importance of intelligence sharing, as mentioned in the paper.

A guide to identity verification

Tony Machin

December 23, 2020

Identity verification is a process which helps to ensure that an individual is who they say they are. Organisations of all sizes verify the identity of their customers, employees, and users to protect themselves from fraud, create trust and comply with local legislative requirements.