In addition to those businesses that are required to comply with Money Laundering Regulations, the Government suggests all businesses apply the basic principles of Know Your Customer and Due Diligence checking to help reduce the risk of fraud.
By obtaining as much information as possible about new customers, businesses can quickly highlight anomalies, threats and other key warnings signals for potential fraud risk.
Uses
• New client / customer checks
• Prior to investment checks
• Prior to high value transaction checks
Features & Benefits
• Compliance with AML guidelines and defence against bribery and corruption
• Risk mitigation against fraud loss, data loss and potential reputational damage
• Reports include a full profile, available data and deep web examination of subject
• View reports online or download
Examples
Investment Company ensuring it has all available information (current and historical, personal and company) about all parties involved in a transaction – including associated parties.
Shipping or manufacturing company - Checks of first time customer prior to exchange of goods.
Local Authority checks for new procurements/contractors.
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