ANTI -MONEY LAUNDERING

The risks for lawyers of being involved in money laundering or failing to comply with anti money laundering (AML) compliance obligations are significant, both financially and reputational.

 GB Group

We use GB Group’s ID verification service – ID3Global for anti money laundering and identity check services because they use the widest range of international identity data that is currently available in the market.

Anti Money Laundering Checks

The AML checks conform to UK and international AML and KYC standards and legislation. The following databases are used:

Checks current and previous addresses against the national voters’ roll.

UK National Identity Register is aggregated from a growing number of data sources through established relationships GB has with suppliers of consented consumer data typically gathered through marketing related activity, including satisfaction surveys, customer feedback.

Typically, the data contains names and addresses, postcodes, landline telephone and mobile phone data.

Latest Data counts:
• 78m individual records (exceeds UK population as some entries may well be duplications that cannot be correlated and so are held independently ie. Name + mobile only, Name + address + land tel = 2 records)
• 27m Unique Addresses
• 41m Unique with DOB
• 54m Unique Land Telephone numbers
• 31m Unique mobile phone numbers

Checks against official information in the telephone directory.

Matches individual name and addresses against established credit data information.

Screens customer’s against data of people who are known to be deceased.

National change of address database.

Screen clients against a comprehensive number of lists including information from the Office of Foreign Assets Control (OFAC) and the Bank of England sanctions. Covers 250,000+ names and more than 100 law enforcement and sanctioning bodies.

Draws data from only the most reliable PEP data sources with a fully-documented audit trail or content description and review dates. Cover approximately 180,000 names from more than 200 countries and contains historical data going back to 1989.

Verifies 100% of Machine Readable Zone (MRZ) compliant passports issued by more than 180 countries to confirm the accuracy of the document.

To confirm a person’s name, address, DOB and unique reference checks the majority of European and international identity cards issued with a MRZ

Checks the majority of European and international identity cards issued with a MRZ.

A unique data source that checks a customer’s personal details against their electricity supply details.

International AML Checks

A robust level of ID check to internationally recognised Anti-Money Laundering and Know Your Customer standards for regulated markets in the following countries:

  • Argentina, Austria, Brazil, China, Denmark, Germany, Ireland, Italy, Luxembourg, Mexico, Netherlands, New Zealand, Norway, South Africa, Spain, Sweden, Switzerland and the USA.

AML searches for citizens from the rest of the world are checked against International Passport & International ID Card algorithms and International Sanctions & International PEPs databases.

UK AML with Bank Account Verification

This is a full UK AML check with the additional of Bank Account Verification. It verifies the sort code and account number and matches them to an individual for a live account at the current address. This enables you to confirm that the source of funds account belongs to your customer.

KYC – Identity Check

An ID verification check that is suitable where a full AML check is not required. Uses the same datasets as the AML check excluding Mortality, NCOA, Peps and Sanctions.

ID Document Image Validation

ID Document Image Validation can recognise and validate an identity document from every country across the globe. It allows you to upload an image of an identity document and have the document authenticated and the data extracted. The data can then be used to perform AML or ID checks on the individual.

Electronic Verification

Using electronic verification to support your Customer Due Diligence can be a cost effective method to ensure you are meeting your AML obligations.

E-verification can link a customer to both current and previous circumstances using a range of positive information sources, access to negative information sources, such as databases on identity fraud and deceased persons and access to a wide range of “alert” data sources.

  • Clear and easy to understand scoring system giving pass, warning or refer result
  • High match rates and accuracy rates
  •  Transparent & robust data sources 
  • Capture and store the information used to verify identity
  • Wide range of international data sources.

There may be circumstances in which you decides that e-verification is not appropriate, but it may still be an indicator of a person’s identity and at the very least provide verification whether your customer is a politically exposed person (PEP) on if they appear on a sanctions list.

Reverify Excluding PEPS & Sanctions Lists

To meet current guidelines and legislation the AML checks screen against reliable and wide ranging PEPs and Sanctions data sources covering over 400,000 names.

If your AML check fails due to your client’s name being matched with somebody on these warning lists and you are satisfied that they are not your client, you can reverify the AML and suppress the PEPs and Sanctions data.

Understanding AML Results

Simple and Clear Decision with Points Score.

  • Results are based on points scored where personal data is matched in various databases.
  • Where enough data is matched the result will be a Pass.
  • Where some data is matched then the result will be a Refer.
  • If a negative data source is matched or a document is invalid then the result will be Fail.