On August 1st, the UK Government released a new public property register to attempt to put a dent in the £100bn of ‘dirty money’ that gets laundered through the UK every single year. The Register of Overseas Entities requires any overseas … Read More
Author Archives: Chris Bourne
Combatting the Rise of Financial Crime in a Post-Pandemic World
Levels of financial crime have been building for many years. The scale of that increase is open to conjecture, because there are as many answers as there are sources of statistics, but no-one disagrees that the overall levels continue to … Read More
What is a PEP & should you work with them?
Politically Exposed Persons (PEPs) pose heightened financial crime risks due to their authority and public roles. Effective due diligence, including PEP screening, is critical for mitigating bribery, corruption, and money laundering threats. … Read More
This Month in Compliance: July 2022
Each month, we take a look at the latest compliance news and insights to keep you on top of what you need to know from across the industry. In July, momentum continued to gather behind the ‘metaverse’. At Money 20/20 … Read More
The importance of KYC for property firms
The property market faces increasing financial crime risks, making KYC and CDD vital. Remote verification and digital solutions streamline compliance, reduce fraud, and improve customer experience while ensuring regulatory adherence. … Read More
What due diligence checks are mandatory in the UK?
If a business is covered by Money Laundering Regulations, it has a responsibility to meet certain day-to-day criteria. These include Customer Due Diligence (CDD) measures to ensure that customers are who they say they are. … Read More
Why Should you Automate Identity and Verification for Customer Onboarding?
ID verification is a non-negotiable element when onboarding new customers. It’s an essential part of the Know Your Business (KYB), Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. When done well, it supports the business in creating long-term customer … Read More
What is KYC remediation?
Know Your Customer (KYC) is the process of verifying your customer’s identity, usually using compliance solutions and screening software. The goal is to identify the clients that are most at risk of financial crime. Verifying the identity of someone you … Read More
The New Era of Remote Verification
The acceleration of digital transformation has been fast-tracked over recent years. Businesses have had to deal with the global impact of Covid and, more recently, have looked at ways of combatting shrinking margins; increased risk as well as the demand … Read More
What is a company Ultimate Beneficial Owner (UBO)?
An Ultimate Beneficial Owner (UBO) is an individual with significant control or ownership of a company. UBO monitoring ensures compliance, mitigates risks, and helps detect financial crimes like money laundering. … Read More