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Online AML and KYC recommendations?

Who do you use to verify client identity documents?

Didn't find your answer?

Afternoon all.

We have always used the old fashion method of meeting the client and verifying their passport/driving licence/bill that way, for AML and KYC purposes, and since March, have used zoom, etc to carry out the meeting remotely. But I wonder if we're missing a trick and should look at the online offerings which seem cost effective and a much more modern way of doing this.

So, any advice, recommendations, etc?

Thank you (from an old-fashioned monkey)

Replies (8)

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By paulwakefield1
24th Sep 2020 17:32

I use Veriphy. Reasonably priced and efficient.

Thanks (1)
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By DKB-Sheffield
24th Sep 2020 17:51

Hi

I signed up to LEM Verify this week. Exactly what you're looking for. ID check with face match AND AML. You send the client an email link. They do the rest. It's reasonable too £4 + VAT all in.

Thanks (1)
Replying to DKB-Sheffield:
RedFive
By RedFive
25th Sep 2020 12:05

This looks good and I've completed the 'open free account'.

But then it says an agent will contact me. Alarm bells are now ringing......

Website says no set up fee and £1+vat a shot but you are saying £4........what's the deal?

Thanks (0)
Replying to RedFive:
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By DKB-Sheffield
26th Sep 2020 17:17

Hi

Yes, they do contact you to explain the service. They also go through a full AML search of you prior to giving you full access.

The £4 + VAT is for a "Face Match", "ID Check" and "AML Search". The £1 refers to AML only.

The Face Match is similar to what the banks use for KYC verification (particularly the "new" (non) banks such as Starling, Tide etc. I ran a check on my Dad (he's 70 so I wanted to see how easy he found it) to see what I was letting clients in to (you can do a single test check for £Nil). It was great, I sent an email from the software, clicked the link on his Smartphone, took a photo of his driving licence, he did a few bits on video, spoke a little and then within a few minutes I had a full report. In fact, the report is so detailed its algorithms work out the age and gender of the person in the video!

It is not the cheapest option but, as uses algorithms to catch face, features etc. to documents and uses voice and video to match this up, I do feel it provides a better person check than looking at a passport on Zoom!

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Zia Tahir
By sphericalaccountants
25th Sep 2020 00:19

Another vote for Veriphy.

Thanks (1)
By northernmonkey
25th Sep 2020 09:03

Thank you! Will go and have a look :-)

Thanks (0)
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By Cardigan
25th Sep 2020 09:04

We are looking for a solution too. Does this software assist with the tedious AML form filling or does that still need to be done? It would be useful to have software for this too. For example, if I answer no to one question, it removes unnecessary questions.

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Slim
By Slim
26th Sep 2020 17:26

I’d be interested in some comprehensive software, a simple aml check isn’t going to keep icaew happy.

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