KYC solutions

Challenges for online retailers on age specific products

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.

PIN numbers for payment cards could soon be a thing of the past

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.

Ongoing checks for responsible gambling

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.

Don’t gamble with your operating licence

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.

Challenges on identity checking on data poor countries

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”.

KYC for Accountancy

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.

The importance of international data in KYC

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.

EU Parliament endorses key changes to anti-money laundering rules

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.

Are biometrics the future of ID and age verification for age restricted products?

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.

KYC & AML requirements for estate agents and how real estate is used for money laundering

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.

Know Your Candidate for the recruitment industry

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.

Cryptocurrency, KYC and AML

Negotiations are currently taking place regarding the EU’s 4AMLD, which will ensure that cryptocurrency firms activities are in line with current legislation.  Concerns have been growing that cryptocurrencies provide the ultimate outlet for criminals and money launderers, as well as for tax evasion, because it can be used anonymously. But what exactly is cryptocurrency and how is it vulnerable?

PSD2 Open Banking update

Following updates in 2009 and 2012, the latest revision of the Payment Services Directive (PSD) has now come into force. Often referred to within the UK as Open Banking Standards, the Second Payment Services Directive (PSD2) legislation was formally implemented on the 13th January, two years after being adopted by the European Parliament and brings a number of significant changes to the original iteration of the Directive.

Online casinos failing to adhere to Gambling Commissions AML and KYC regulations

According to an article posted on the BBC website last week, online casinos are failing to adhere to the Gambling Commissions policies on Anti-money Laundering and the protection of problem gamblers.

It has written to all 195 UK operators and warned them to review procedures.