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Best method for anti money laundering checks?

What's the most effective method for anti money laundering checks?

Up to now we identify our clients from passports, driving licences, recent bank statements, utility bills etc.

We've had a quote and demonstration from Creditsafe of their online checking system, which seems to work smoothly, although it's more expensive than just copying documents, unless there's much time saving.

We also subscribe to Experian for credit checking purposes (we were a subscriber to Riskdisk which was taken over by Experian). Does Experian have an identity checking service also? I've asked them but not received a response yet.

So can any Creditsafe users give feedback on whether they recommend the service (and Creditsafe to deal with) please?

Are there alternatives that are available and recommended?

Thanks.

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By Maslins
17th Apr 2018 13:01

My personal opinion - don't use Credit Safe.

I've never used them but their marketing is very aggressive and I've asked them many times to stop hassling me.

We use Taxcalc's AML service (admittedly mainly as we use Taxcalc for tax returns). It works fine for us at the online checks, and I think you can get it as a standalone product.

Thanks (1)
17th Apr 2018 19:05

Hello Newmoon,

At AccountancyManager we have just launched our Digital AML ID check service. You can now perform checks within AM using existing client data.

The results are logged against the client's file and reports are made downloadable for reference.

Checks are as little as £1.75 when purchased in bulk. If you require further help, please get in touch (01926 355366).

Thanks (1)
17th Apr 2018 16:45

I am always a bit suspicious of these online ID checking services. They don't prove that the person sitting in your office is who they say they are. A passport or driving licence is hard to beat.

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