Know Your Customer or KYC, is a critical part of anti-money laundering protocols. In a bid to reduce the risk and incidence of financial crime, financial institutions and regulated businesses must undertake a comprehensive checking and verification process for the entities with which it does business. As part of this process, meeting, and continuing to adhere to, the latest regulatory requirements is critical. KYC remediation ensures that each customer’s anti-money laundering risk is assessed in a timely manner and assigned risk ratings are updated based on the changes in KYC regulations. … Read More
Author Archives: Natalie Davies
The crucial role NorthRow plays in the payments industry
Anti-Money Laundering (AML) requirements are increasingly stringent for payment processors. It’s critical that firms understand their obligations. But also, how collaboration between the front, middle and back office should not be a blocker for the business. … Read More
Wired-In Webinar: Insider Fraud – The Post-Covid Aftermath
We were delighted to be joined by the Head of Financial Crime Operations at Ziglu, Claire Maillet on the very first of our brand new webinar series, Wired-In. In a thought-provoking session, Claire shared how the cultural shift of remote mass working has created the highest rates of insider fraud in recent history, with the landscape calling for long-term strategies to address the matter. … Read More
Compliance by numbers: 11 eye-opening stats you need to know
The compliance landscape is constantly changing, and developing a compliance programme that can adapt to those changes is one of the key challenges professionals are facing. The demand for compliance officers, MLROs and AML officers is growing; spending on compliance … Read More
Right to work software: 7 reasons to adopt & factors to consider
From October 1st 2022, new UK legislation came into effect for how businesses check their employees’ Right to Work. The new UK Digital Identity and Attributes Trust framework from the DCMS (Department for Culture, Media and Sport) states that businesses are only able to hire applicants by meeting them face-to-face; by using technology for ID validation; or the Home Office online service, to check onboarding documents. … Read More
What is the UK Digital Identity and Attributes Trust Framework from the DCMS, for digital identity certification?
The UK Digital Identity and Attributes Trust Framework, from DCMS (Department for Culture, Media and Sport) is a set of rules for digital identities, announced and developed since 2021. It provides a framework that organisations must follow to conduct secure, trustworthy identity and/or attribute checks when onboarding staff.
The framework was developed by the DCMS, in conjunction with the Home Office, alongside a Home Office review of the availability and ability of specialist technology to support digital Right to Work checks in the UK. … Read More
Right to work: a checklist
As a UK employer, you are required by law to check and record the immigration status of every employee, to verify they have the Right to Work in the UK. The Home Office’s Right to Work guidance details which Right … Read More
What are the Consequences of Inadequate Right to Work Checks?
Every UK employer has a legal obligation to carry out Right to Work checks on prospective employees to prevent illegal working in the UK. Guidance issued by the Home Office expects employers to carefully and systematically verify each employee’s identity … Read More
Adverse media screening for AML compliance
Checking for adverse media is a crucial part of customer due diligence processes, aimed at uncovering any risks or allegations indicating an individual’s or business’ involvement in criminal activity. Being associated and having business relations with such parties can give … Read More
This Month in Compliance: August 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. Despite being a month when many of us take to more relaxing … Read More