The benefits of Using an Identity Service Provider when Navigating AML regulations

In order to adhere to Anti-Money Laundering (AML) regulations, professional services firms must be able to accurately verify the identities of their clients and carry out background checks.

One solution for firms to enhance their AML compliance efforts and meet the HM Land Registry (HMLR) Safe Harbour Standards is the use of Identity Service Providers (IDSPs).  All IDSPs appearing on the Gov.UK website are required to have undergone an extremely stringent audit process covering every aspect of their business including rigorous testing of their software, to ensure identity checks cannot be manipulated and to demonstrate that personal data cannot be compromised.

Simplified due diligence

AML regulations require thorough due diligence, which includes verifying client identities and conducting risk assessments.

VirtualSignature-ID simplify this process by offering reliable and efficient identity verification services integrated into existing workflows.

Utilising a range of data sources and advanced technologies, including anti-spoofing, anti-tamper and facial recognition biometrics, VirtualSignature-ID can swiftly and accurately authenticate identities.

VirtualSignature-ID’s ID-Validate app makes it safer and easier for identities to be verified quickly and from any location. The use of a smart phone is imperative during the process to provide reliable data on the subject’s location and to enable them to read the chip in an ePassport.  If the process is initiated on a PC, the end user will be directed to scan a QR code which will take them to the App Store (Google or Apple) to download the app so that they can proceed using their smart phone.

Record keeping

Accurate and detailed record keeping is an important process for firms to follow to ensure they are AML compliant.

VirtualSignature-ID assists firms in maintaining records of identity verification checks and transactions by generating reports to aid their decision making, flagging any areas for concern or needing further review.

This not only demonstrates compliance with AML regulations but also supports any potential investigations.

The added advantage of VirtualSignature-ID

VirtualSignature-ID, a UK Government certified IDSP, offers an additional advantage for professional services firms dealing with property transactions.

To comply with HMLR Safe Harbour Standards, an eSignature provider capable of identifying the signer and linking the witness through a signature creation device is required for most deeds.

VirtualSignature-ID facilitates this type of Qualified eSignature witnessing and can issue a Conveyancer’s Certificate, making it an ideal solution for firms involved in property transactions.

The benefits of partnering with VirtualSignature-ID

Partnering with VirtualSignature-ID offers several benefits for professional services firms:

  • Efficiency – Automating many aspects of the identity verification process saves time and resources
  • Accuracy – Advanced technologies and multiple data sources ensure highly accurate identity verification.
  • Security – Secure methods of verifying identities and protecting sensitive data reduce the risk of fraud and identity theft.
  • Scalability – Services can be scaled to meet the needs of firms of all sizes.

IDSPs play a pivotal role in helping professional services firms comply with AML regulations and HMLR Safe Harbour Standards.

VirtualSignature-ID provides a reliable and efficient identity verification service that helps firms mitigate the risks associated with money laundering and ensures the validity of document exchanges and other transactions.

If you’d like to know more about the services VirtualSignature-ID can offer your firm, please contact us today.