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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 (2)
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).

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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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to jon_griffey
24th Apr 2018 12:03

jon_griffey wrote:

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.

Yeah - but these firms ask you to plug in the passport number or driving licence number. Possible to just ask for the number, I suppose, but only a fool would do that.

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24th Apr 2018 11:53

I note Jon's comment but it is unlikely that one would know whether you have a fake passport in front of you. So we do both

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By newmoon
to pauljohnston
25th Apr 2018 12:20

Hi Paul.
Which online checking agency do you use please and would you recommend it?
Thanks.

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24th Apr 2018 12:18

I find common sense and gut feeling works for me.

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By acumist
24th Apr 2018 14:21

AMLCC have good online MLR compliance tool. Cost varies depending upon how many credit check 'tokens' you purchase upfront and there is a platform fee unless you are a member of the ICPA (It's possible other organisations have deals too).

The platform will also enable you to record copies of passports etc. securely and in compliance of GDPR...

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22nd May 2018 15:17

@newmoon.

Sorry for the delay I have been is hospital. We use Taxcalc AML. https://www.taxcalc.com/aml There is an upfront fee for them to check you out but afterwards you pre-pay. Have a look. We continue to use it and this is our recommendation

The AMLCC is a very inclusive service - check that your institute does not offer free membership. We recommend this one too./

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