Ensuring Compliant ID Checks: A Guide for Estate Agents
1. Gather Strong Evidence
Start by collecting robust identity documents like passports or driving licences. These should be issued by authoritative sources and contain difficult-to-replicate security features.
2. Verify Document Authenticity
Examine documents for signs of tampering and check security features. Consider using certified ID verification technology that meets government standards for more reliable results.
3. Connect the Individual to the Documents
Match the person to their photo ID, either in-person or using secure biometric facial recognition technology for remote verification.
4. Conduct Additional Checks
Use authoritative third-party sources to:
- Verify the provided information
- Confirm the identity has existed over time
- Check for potential fraud indicators (e.g., deceased persons database)
5. Keep Detailed Records
Maintain thorough documentation of your verification process. This is crucial if you need to demonstrate compliance later.
Key Considerations:
- Strength of Evidence: Passports and driving licences are considered stronger than utility bills or bank statements.
- Digital vs. Manual: Digital verification tools can offer more consistent and thorough checks compared to manual processes.
- Liveness Detection: For remote verification, ensure you're interacting with a live person, not a photo or recording.
- Data-Only Checks are Insufficient: Relying solely on basic information (name, DOB, address) without document verification leaves you vulnerable to fraud.
Remember, while it's impossible to eliminate all risk, implementing a robust, consistent verification process significantly reduces the chances of falling victim to identity fraud or non-compliance issues.
By following these guidelines, you'll be better positioned to meet regulatory requirements and protect your business from potential fraudulent activities.
Streamlining AML Compliance with Moverly
While understanding and implementing these ID check best practices is crucial, Moverly offers a comprehensive solution that simplifies the entire process for estate agents:
1. Seamless Integration: Moverly's AML checks are initiated within the customer's onboarding flow. After completing their Material Information questions, clients smoothly transition into a high-grade ID check, ensuring a cohesive and efficient experience.
2. Automated Record-Keeping: All AML reports are automatically stored within the Moverly system, eliminating the need for manual filing. These reports are also:
- Instantly shared with the agent
- Filed in compatible CRM document folders
3. Reducing Agent Workload: Moverly aims to alleviate the burden, time, and record-keeping overhead traditionally placed on agents. By automating and streamlining the AML process, agents can focus more on their core business activities.
4. Compliance Assistance: With Moverly's integrated solution, agents can have confidence that they're gathering and storing the records required to support their AML due diligence requirements.
By leveraging Moverly's integrated AML solution, estate agents can ensure thorough compliance while significantly reducing their administrative workload. This approach not only saves time but also provides a more consistent and reliable verification records, ultimately benefiting both the agency and its clients.
If you are already using Moverly for Material information and would like to start integrating our AML process, simply select the AML feature during the onboarding process. As with Material Information, Moverly's AML approach is charged monthly, in arrears, only for the volume you use.
If you need assistance, our friendly support team is always here to help. Simply click the yellow chat button on this page to chat with Mia, or submit a support form.