A key component of the Verify 365 platform is our comprehensive PEPs and Sanctions checks which ensure firms can take a risk-based approach to not only tackle financial crime but also protect their business from potential threats posed by people who are politically exposed, under sanction or facing adverse media. Our PEPs and Sanctions checks come with comprehensive reports which detail everything you need to know about your potential client, and our reports are getting even better with our latest update that includes bankruptcy and insolvency details, further enabling you to analyse comprehensive information and protect your business.
How Does Verify 365 Help Businesses Identify PEPs and Sanctions?
Verify 365 innovative technology is helping businesses take a risk-based approach to mitigate potential harm and prevent fraud. Our technology is enabling lawyers, solicitors, conveyancers and estate agents to unify their onboarding processes into one streamlined platform, complete lite and enhanced due diligence checks and practice compliantly within the regulatory guidelines.
Through the Verify 365 platform, you can complete AML screenings to identify an individual’s current status. Our comprehensive reports will detail whether an individual is politically exposed, sanctioned in any capacity, or facing adverse media. Using over 1,400 global PEPs and sanctions lists, we enable you to confidently confirm an individual’s or business’s status so you can take the necessary steps to mitigate risk and tackle financial crime.
We provide you with comprehensive reports and have ongoing monitoring in place. If an individual or business’s status changes, you will be the first to know, as we will notify you. This monitoring is ongoing over 12 months and notifying ensures you can protect your business.
Our Detailed Reports and New Bankruptcy and Insolvency Details Update
Once your clients have completed their checks, you will receive a comprehensive AML report detailing all the information your client has submitted. The detailed reports include information on PEPs and Sanctions, confirming the current status of your client. The report highlights any sanctions if they are politically exposed or facing unwanted, adverse media attention.
Our latest update now goes one step further and can elevate your risk-based approach while also giving you even more information on your client. We’ve now incorporated information regarding bankruptcy and insolvency, meaning you can flag concerns if your client is dealing with significant funds after having previously declared bankruptcy or insolvent. Our reports will detail any important financial position changes like bankruptcy and insolvency so you gain further insight into your client and their businesses if applicable.
What Does This Latest Verify 365 Update Mean for My Firm?
This latest update to our PEPs and Sanctions checks and reporting means you learn more about your client and can also take necessary steps to protect your business should concerns be raised.
In addition to this, if this client requires a source of funds check, it could also give you important insight into their financial past while also raising suspicions if they are dealing with a significant fund pot. You’re likely to be concerned if they don’t have a great financial record, and protecting your staff and business becomes critical.
Being able to see if they have declared bankruptcy or insolvency in the past enables you to combat financial crime if you find suspicious anomalies within the report, like their current status and previous financial standpoints.
This update is significant given the importance of confirming an individual’s identity. It is your legal obligation to complete comprehensive identity checks within the regulatory guidelines set by authority figures like the Solicitors Regulation Authority, and our checks ensure you do this. We are giving you as much insight and information as we can into your client, and this will help you take a risk-based approach, make better-informed decisions and protect your business.
