FAQs

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Why are AML checks essential to protect against financial crime?

Since the majority of criminals and terrorists rely heavily on a cash flow of laundered money for their illegal activities, having the appropriate AML checks in place has broader crime-reducing implications.

Most countries have their own set of AML regulations guided by the FATF Recommendations. The UK is guided by the 2017 Money Laundering Regulations and subsequent amendments. Businesses regulated by money laundering laws must perform AML checks as part of customer due diligence. This step is crucial in identifying and mitigating the risk of money laundering.

Key tools in this process include:

  • Identity Verification: Confirming your customer is who they say they are
  • Customer Screening: Verifying your customer doesn’t appear on global watchlists or is high-risk, such as a PEP.
  • Financial due diligence: Confirming the source of funds are from legitimate and explainable sources
  • Risk assessments: Determining the level of risk the customer and what measures to take to mitigate the risk of money laundering

Establishing robust internal controls and monitoring systems is essential for guiding and informing the nature of AML checks. Moreover, businesses should document their AML procedures in a policy statement and maintain meticulous records for at least five years to demonstrate their compliance.

What businesses need to run AML checks?

Any business that falls under the 2017 Money Laundering Regulations is required to conduct customer due diligence and identify whether they are working with potentially high-risk customers, such as PEPs or their relatives and closely associated persons (RCAs). The industries covered under the Money Laundering Regulations include the financial sector, real estate and property, lettings, legal services, accountancy, gambling, high-value dealers (commonly art galleries and auctions but extending to any business that accepts a single or multiple cash payments totalling more than 10,000 euros), money transfer businesses (MABs) and banking.

In addition to Money Laundering Regulations, all business regardless of sector, are expected to the compile with the UK sanctions regime. Businesses that have been fined by the Office of Financial Sanctions Implementation for lack of compliance include a hospitality business, an energy firm and telecommunications company.

What are AML checks?

AML checks refer to a range of procedures that help businesses identify and prevent potential money launderers and bad actors from using their services. These checks involve conducting due diligence on customers, which can include verifying their identity, screening them against watchlists, and performing financial due diligence.

While the Money Laundering Regulations do not provide a standard definition of what constitutes an AML check, industry best practices typically involve verifying a customer’s ID, confirming their address, ensuring they are not impersonating a recently deceased person, and conducting PEPs and Sanctions checks. Once these steps are completed, a business can assess the customer’s risk profile and determine if any additional due diligence is required.

Do you have any data management certifications?

At Credas, we understand the critical importance of safeguarding your data. That’s why we are proud to be ISO/IEC 27001 certified. This prestigious certification demonstrates our commitment to the highest standards of information security management

HOW DO I CHECK MY RESULTS

If you have completed a Credas ID check, you will need to contact the business that issued your invite to discuss the results.

HOW DOES CREDAS RIGHT TO WORK BENEFIT EMPLOYEES AND EMPLOYERS?

First of its kind in the UK, the Credas app allows recruiters to verify essential ID documents and match the document photos with the actual person in real-time. Capable of verifying up to 4,000 types of ID, our technology can save companies as much as 180 staff-hours each month.

Any business will be able to verify staff quickly using our app, cutting down the time and expense wasted on waiting for documents to come through the post or locating a verification email. Recruiters can also integrate the technology with their in-house verification processes.

Our online verification process is an excellent choice if you want to make sure you are completing your right to work due-diligence quickly and cost-effectively. Start your free trial with Credas today.

WHAT ARE THE BENEFITS OF CREDAS RIGHT TO WORK CHECKING SERVICE?

Employers across all sectors reap the benefits of having a reliable identity verification software that can check their job applicants’ right to work. Our real-time facial recognition technology helps companies speed up and simplify the process of ID verification, employee and client onboarding.

The technology enables businesses to comply with Right to Work legislation easily and avoid liability for inadvertently employing an illegal worker, which comes with fines up to £20,000 as well as reputational damage.

FACTS ON RIGHT TO WORK

Since implemented in 2014, the Right to Work legislation has increased the costs and time it takes to hire a new employee for many companies.

Physically checking that the photo ID matches the candidate can be particularly difficult and time consuming for businesses based abroad or in other parts of the UK.

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