Fintech UK take note. New money-laundering rules came into force on 10 January in the UK.
Firms need to take action as new rules aimed at tackling money-laundering came into force. These place increased importance on the acceptable use of electronic verification methods in confirming identity, without the need for passports or utility bills.
Consequently, all financial services firms, solicitors, accountants, estate agents and now also letting agents not currently using electronic verification, need to re-evaluate their customer due diligence processes. Electronic verification is a far more robust, cost-effective method of Know Your Customer (KYC).
The new regulations recognise the latest technological developments and clearly state that regulated businesses can use electronic verification instead of traditional methods of KYC such as passports, driving licenses and utility bills. Since 2004, firms have been able to use electronic verification, but the latest regs are explicit in that firms can use this method as their sole basis for client verification.
Read the full article at The Fintech Times here - https://thefintechtimes.com/tackling-money-laundering-new-uk-rules/
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com
Firms need to take action as new rules aimed at tackling money-laundering came into force. These place increased importance on the acceptable use of electronic verification methods in confirming identity, without the need for passports or utility bills.
Consequently, all financial services firms, solicitors, accountants, estate agents and now also letting agents not currently using electronic verification, need to re-evaluate their customer due diligence processes. Electronic verification is a far more robust, cost-effective method of Know Your Customer (KYC).
The new regulations recognise the latest technological developments and clearly state that regulated businesses can use electronic verification instead of traditional methods of KYC such as passports, driving licenses and utility bills. Since 2004, firms have been able to use electronic verification, but the latest regs are explicit in that firms can use this method as their sole basis for client verification.
Read the full article at The Fintech Times here - https://thefintechtimes.com/tackling-money-laundering-new-uk-rules/
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com