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Anti-money laundering - the Law Society's preferred e-verification suppliers
Monday 01 November 2010
Does the Law Society recommend any electronic verification companies for anti-money laundering purposes?
Yes, the Law Society has selected 192business and Accuity as its preferred suppliers for anti-money laundering e-verification, and has negotiated preferential rates for Law Society members. Firms are not required to use the Law Society's preferred suppliers for e-verification as part of their AML compliance, nor are they precluded from using other reputable e-verifiers.
E-verification is a tool which may assist solicitors in meeting their client due diligence obligations under the Money Laundering Regulations 2007.
Firms that decide to use the Law Society's preferred suppliers should still take steps to ensure that they understand the services being offered and how those services can be used to meet their anti-money laundering obligations with respect to their particular firm and client demographic.
When choosing an electronic verification service provider, you should look for a provider who:
- has proof of registration with the Information Commissioner's Office to store personal data
- can link an applicant to both current and previous circumstances using a range of positive information sources
- accesses negative information sources, such as databases on identity fraud and deceased persons
- accesses a wide range of 'alert' data sources
- has transparent processes enabling you to know what checks are carried out, the results of the checks, and how much certainty they give on the identity of the subject
- allows you to capture and store the information used to verify an identity.
For further information, please see the Law Society's practice note on anti-money laundering.
Anti money laundering regulation
- Third-party funds and Money Laundering Regulations
- Is a paragraph about money laundering on client care letters 'tipping off'?
- Sample client care letters for the Money Laundering Regulations 2007
- Client appearing on Treasury's financial sanctions list
- Due diligence over mother's contribution to house price
- Who is the anti-money laundering nominated officer?
- Instructed by MP in property purchase
- Customer due diligence
- Money laundering: avoiding liability