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MLR Checks for new clients

MLR Checks for new clients

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Hi Guys,

Just wondering what people do for MLR checks these days. Are we still on the old school method of copying passport / driving licence and address proofs or have we moved to online checks which satisfy HMRC / CIMA?

I had a cold caller trying to sell me their online service (www.creditsafe.co.uk). Does anyone use it? Any alternatives?

Thanks guys.

 

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By jon_griffey
19th Jun 2017 16:27

We had a monitoring visit a few weeks ago. I asked the compliance officer about online v paper and they were quite unimpressed with these online services on the basis that (i) You may do a search on John Smith, but that does not prove that the person sitting in front of you is in fact John Smith and (ii) many online searches produce scant information which is insufficient. The advice was that the paper method of taking copies of passports etc was quite adequate.

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By khalm0
19th Jun 2017 16:52

Ok fair point. So what is the norm still? Passport and driving licence ? And a copy of the Letter of engagement? And if you have a long standing client, how often would you renew the ID?

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Replying to khalm0:
By jon_griffey
20th Jun 2017 10:07

The advice we received was photo ID and proof of address - for the typical low risk client. For longstanding clients to just renew the ID if something happens, for example they get married and change name.

We have our own short checklist that we complete when completing annual accounts etc which includes an annual question 'are there any issues to be brought to attention of MLRO such as change to client risk or change of control'. That was considered sufficient.

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