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MLR Online Checks

Where's the cheapest most compliant place to get checks done?

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I am being pestered by creditsafe to pay for a bundle of their checks. Each check works out at £3+VAT each. TaxCalc are quoting £1.50+VAT each. Any reccomendations on what to use? I did see one accountingweb article which said haggle and haggle hard, but when you are in business you want honest transparent pricing and support, not a hard sales pitch.

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By SXGuy
15th May 2019 09:10

I used credit safe for the first year and if I'm honest I wasn't impressed. I had to pay for a bundle of credit searches up front plus their own monthly fee spread over 4 payments in the year.

Tax calc charge per search basis, no need to pay for a bundle up front.

I use AMLCC. Reason being they are fully loaded with due diligence compliance, risk assessments and stocked with templates to keep you compliant. Obviously this is added cost separate to the £3 plus vat for each search. But I'm sure your aware Id checks aren't the only thing you need to be doing.

That's where taxcalc and credit safe lack.

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By tobynew
to SXGuy
15th May 2019 09:23

I did stray across to the taxcalc stand at Accountex and they are releasing an aml centre module, so this could cover the areas which they are currently lacking.

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By Maslins
15th May 2019 09:17

I'd never use creditsafe mainly for their aggressive marketing techniques. Must've asked a dozen times to be removed from their telemarketing list.

We use Taxcalc's AML feature. I would mention the £1.50+VAT/search is only if you buy their largest bulk quantity in advance. This is what we've done, however for practices taking on a limited number of clients it would be overkill, so expect the cost per search to be higher.

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By Locutus
15th May 2019 09:44

I use Veriphy.

At £4.00 + VAT per search it is quite expensive compared to the prices in the OP's question.

However, I don't do that many searches per year and there are no other fees or minimum order, so it works out for me.

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15th May 2019 09:46

We use TaxCalc. As per Maslins, I bought the biggest bundle - the credits never expire.

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15th May 2019 11:23

Can someone explain the advantage of this to me? What purpose do the checks actually serve other than cases of remote/online clients you won't actually meet?

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By Maslins
to Roland195
15th May 2019 12:01

Guessing from your comments you rely on two forms of ID? My understanding is the/a problem with that is it won't highlight if someone is a politically exposed person, or on any sanctions/terrorist list etc.

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to Maslins
15th May 2019 13:05

Quote:

Guessing from your comments you rely on two forms of ID? My understanding is the/a problem with that is it won't highlight if someone is a politically exposed person, or on any sanctions/terrorist list etc.

My reading suggests that PEP checks are almost entirely an utter waste of time given the poor quality of the register maintained along with any conclusive way of matching a person with a someone of a similar name - a bit like the US no-fly list.

On the basis that the vast majority of our clients are local, referred by other clients , UK dom & res then the "risk" would be negligible and addressed by the procedures we have in place (which I bet you do too along with this check?).

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By djn24
to Roland195
21st May 2019 10:15

Quote:

Quote:

Guessing from your comments you rely on two forms of ID? My understanding is the/a problem with that is it won't highlight if someone is a politically exposed person, or on any sanctions/terrorist list etc.

My reading suggests that PEP checks are almost entirely an utter waste of time given the poor quality of the register maintained along with any conclusive way of matching a person with a someone of a similar name - a bit like the US no-fly list.

On the basis that the vast majority of our clients are local, referred by other clients , UK dom & res then the "risk" would be negligible and addressed by the procedures we have in place (which I bet you do too along with this check?).


I also agree with this. It seems pointless to pay to have an identity check for low risk clients in my opinion.
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21st May 2019 10:47

I am AAT qualified and was told by the ICAEW that AML checks have to be completed for each client, on a regular basis. Is this correct? I am with Credit Safe but its far too expensive for my small company. I use Tax Calc for most other things. I will look into their checks to see if I can save money.

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to uktaylor
21st May 2019 11:53

Yeah - you're supposed to review it every so often. Not necessarily annually.

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By anniem
21st May 2019 19:59

I use ValidID - Sanctions search and get emails every time the lists updated saying my results are 'not affected'.

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