PEP Checks and Sanction Screening | Know Your Customer | Tech Verification

Anti-money laundering

Anti-money-laundering (AML) laws and rules exist to stop people (and businesses) generating income through illegal actions. It’s essential you ensure your business is meeting the required AML regulations, wherever you are in the world.

The recommendations from the Financial Action Task Force (FATF) are seen as best practise, and approval from FATF is a rubber stamp of approval to a country’s AML regulations. They carry out ongoing Mutual Assessments and recommend changes to improve AML practises.

If you work in HR, you’ll know the challenges in striking a balance between compliance costs, commercial realities and risk to your reputation. So how can we help your business stay compliant and protect your business and your employees?

We’re used to working in a global market place and have designed our technology to meet the FATF AML recommendations. Our multiple data sources for key markets across the globe adhere to some of the most stringent none face-to-face identity regulatory standards. It’s automated and online, meaning we’ll help you reduce your use of paper-based ID checks, streamlining processes and removing the risks (and costs) associated with manual checks.

All our AML checks include automatic worldwide PEPs and Sanctions screening.

Unfortunately, fraud is prevalent and increasing due to the trend of rising migration. In the field of illegal working, the most common types of fraud are:

  • Fabricated identity documents
  • Identity theft (using another persons ID)
  • Partially fabricated document (e.g. replacing the true holder’s photo)

You can reduce your risk of employing an illegal worker by using technology which recognises counterfeit documents, and at the same time, reduce the risk of general employee fraud.

Tecverify’s document validation service enables the capture and electronic validation of over 520 global identity documents. Meaning you can verify the identity of almost anyone, anywhere in the world, at any time. You’ll remove the need for manual intervention and its associated errors, and instantly check your employees are providing a legitimate proof of identity.

We check the details against the widest and most current global identity data, which means the most comprehensive match rates and fraud prevention results.