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Enhanced ID checks help prove your customers identification and that they’re not involved in any recorded suspicious activity. These checks adhere to Anti-Money Laundering and Know Your Customer regulations that you might be required to conduct as part of your business.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the payer) Regulations 2017 which transpose the fourth EU Money Laundering Directive commenced on 26th June 2017.
Many organisations must now show that they have carried out due diligence and conducted a money laundering and terrorist financing risk assessment on their customers and clients.
FCC Paragon can now offer an online instant search which complies with the joint money laundering steering group guidance requirements.
Key Features & Benefits
- Helps to comply with Legislation & Regulations, and demonstrate a consistent approach to AML risk across your business
- Protects from Money Laundering
- Can confirm ID for Buyers, Vendors, Landlords and Tenants, providing a Pass/Refer result in under 1 minute
- Mitigates the risk of accepting Fraudulent Documentation
- Uses a wider range of corroborative and primary checks
- Identifies persons on Government Sanctions Lists and Politically Exposed Persons (including UK PEPs, now a requirement under the 4th Money Laundering Directive)
- Checks against Death/Bereavement register
- User friendly online system available 24/7 / 365 days a year
- UK matching rates are typically 90% plus
- Electronic AML checks can help with spotting fraudulent documentation quickly and easily
- Easy to carry out and compliment our Referencing service
- Cost effective