Online sales continue to dominate, with £133bn spent online through UK retailers in 2016 (IMRG Capgemini ERetail Sales Index). And while this is great for online retailer’s bottom line, the increased number of customers causes additional challenges for those selling age restricted products to customers they can’t see in real life.
With unpaid invoices across the UK totalling nearly £70 billion, credit checking clients during onboarding is a crucial part of the KYC process, to mitigate the risk of bad clients impacting on your own activities.
UK bookmakers are failing to check the ages of young gamblers using FOBTs (fixed odds betting terminals) in their shops claim campaign group 38 Degrees.
The aim to tighten security within the payments industry is well under way with Visa Australia at the forefront. Several years ago they abolished signatures and now it looks like the not-so-trusty PIN number is the next to go.
Crime costs the UK an estimated £24 billion a year, and most of the proceeds are concealed through banks and investments.
GDPR (General Data Protection Regulation) comes into effect this month, over 200 pages of EU data privacy regulations which will affect how companies manage, process and delete data.
Problem gambling costs the UK up to £1.2bn a year, according to a recent report commissioned by charity GambleAware. Up to 1.1% of the adult population are believed to have a gambling problem, with added strain being placed on the social welfare system.
The Gambling Commission has recently unveiled their new strategy to enforce stronger penalties for operators who do not adequately guard against money laundering, problem gamblers or who fail to provide a fair and adequate service.
Ireland recently published their “eGovernment Strategy 2017-2020” in which it was revealed that the Public Services Card will become compulsory for those applying for a driving license or passport. Arguments have already begun over what has been coined as a National Identity Card by “stealth”.
Identity and age verification is necessary to prevent minors from purchasing and accessing age-restricted goods and services, such as online gambling, weapons, pornography, tobacco and alcohol. But it is not just minors that need to be restricted, sometimes you need to prevent adults from taking advantage of special offers which are only for under 18’s, or keep adults away from sites which are designed purely for children.
Companies in the accountancy sector must follow certain procedures to comply with their AML responsibilities, and the rules are set to get even more stringent as new CCAB anti-money laundering guidelines have just been approved by HM Treasury.
Thanks to freedom of movement and trade, the world keeps getting smaller. With companies constantly looking to extend their reach beyond borders and people moving freely from country to country to follow work or family commitments, there has never been a time when access to international data was more important.
Members of the European Parliament (MEPs) voted overwhelmingly in favour for key changes to be made to the European Union’s anti-money laundering directive.
MEPs supported an agreement with the Council which will give public access to information on the real owners of firms operating in the EU, a measure aimed at quashing the corrupt use of letterbox companies created to launder money and hide wealth.
Know Your Customer is the term commonly used by industry professionals when referring to the procedures used to determine the true identity of a customer.
Over 20 Indian companies have written to the CEO of the Unique Identification Authority of India (UIDAI) asking it to restore their access to agencies that provide KYC verification services to them
Biometrics can now be found everywhere. Already common on mobiles phones, biometric verification and authorisation including fingerprints, facial recognition and iris scanners are being used on a variety of apps and services.
With KYC and AML legislation getting ever more stringent, many telecoms companies around the world are adopting electronic Know Your Customer methods to avoid deterring new customers with traditionally slow and inconvenient approaches
Popular BBC drama McMafia is apparently holding a mirror up to money laundering in the London property market, accurately portraying the industry to be a haven for criminals looking to clean up “dirty” money.
The financial sector in particular is subject to stringent AML requirements; it is important to identify and adhere to any legislation that might affect the specific industry that you are recruiting for. This may include carrying out additional checks, keeping certain records, and putting procedures in place to protect the business against money laundering or incorrect employment choices.
The UK Government has announced it will no longer be introducing compulsory age checks into the online adult industry in April as previously planned.