Category: KYC/AML
How improving KYC processes can help you to gain more business
Tony Machin
September 21, 2021
Regardless of your industry, you shouldn’t see KYC checks as a luxury. Money laundering alone costs the UK more than £100 billion every year, and affects all kinds of companies of all sizes.
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.
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.
Industry-leading identity verification now available for KYC checks
Tony Machin
November 30, 2020
We are delighted to announce the launch of our new KYC check service! We’ve added PEPs & Sanctions and address verification checks to our identity verification services to provide an all-in-one service to support your AML compliance.
Putting identity document checks at the heart of your KYC checks
Tony Machin
November 10, 2020
A KYC check is a mandatory process for regulated business to identify their customers and gather knowledge of their background as part of Anti-Money Laundering compliance. Effective KYC checks rely on proving that customers are who they say they are. The most important first step in this process is the verification of a government issued identity document.
Identity fraud in SMEs: take early action to protect your business
Tony Machin
October 10, 2019
Whilst financial fraud is a risk to every business of any size, SMEs certainly shouldn’t believe it won’t happen to them just because they are employing fewer staff or working within a smaller network. Identity fraud amongst employees presents a very real risk to SMEs. In fact, according to ActionFraud, 1 in 5 small businesses have been defrauded by an employee.
