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
Identity verification
What is the difference between a Beneficial Owner and an Ultimate Beneficial Owner of a company?
Beneficial ownership refers to individuals who enjoy the benefits of ownership, even if not legally named. Identifying Ultimate Beneficial Owners (UBOs) is crucial for combating financial crime, money laundering, and regulatory compliance. … Read More
What is right to work compliance in the UK?
In the UK, every employee has to prove their right to work in the country under the Immigration, Asylum and Nationality Act. It is a criminal offence for an employer to employ an individual who does not have the permission to live or work in the UK. … Read More
The UK Digital Identity and Attributes Trust Framework: What is it and What Does it Mean for Compliance?
Cases of identity theft are on the increase. According to the UK’s fraud prevention body, Cifas, nearly 500 identities are stolen in the UK every single day. As such, the government wants to develop a secure digital ID service that … Read More
Compliance Cost of Amber Management
A world of binary results of either pass or fail, (Green or Red) would be nirvana; but that just isn’t realistic. There will always be cases that require further due diligence before you safely commit to onboard, or continue to interact with the customer, or not. Ambers are those cases that fall between the ‘accept’ or ‘decline and cause your business a challenge. … Read More
Building Societies Digital Transformation
Digital transformation projects have been fast-tracked for Building Societies Learn more now. … Read More
Why is ultimate beneficial ownership verification important?
Ultimate Beneficial Ownership (UBO) is vital for compliance and financial crime prevention. NorthRow’s tool simplifies UBO verification, enhancing accuracy and efficiency. … Read More
Beneficial Ownership Monitoring is Fundamental for Global Economic Recovery
How well do you know your customer? As the pandemic continues on a global level, your clients’ risk status is changing at unparalleled speed. Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals. In 2020 firms have made significant investments in digitally transforming the front end of compliance at the point of onboarding, however many firms have not digitally transformed their monitoring processes, exposing their business to increasing levels of risk. In this blog we explore ongoing monitoring further. … Read More
Guide to Ongoing KYC Monitoring
Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals and satisfy the regulators. During 2020 many firms expedited the digital transformation of the front end of compliance, at the point of onboarding, due to the global pandemic and the need to meet the demand for digital interactions. These investments should now be used across the entire customer lifecycle to avoid exposing their business to increasing levels of risk. In this blog we explore the importance of ongoing monitoring in 2021. … Read More