Credas Technologies launches new managed compliance service for AML and IDV checks
Credas Technologies are pleased to announce the launch of a new managed compliance service for AML and IDV checks.
According to the latest findings from The UK Sanctions List, there was a surge of 113 new designations in December 2023, compared to a total of 800 designations in the 2022-23 financial year.
The UK government publishes the UK Sanctions List, which provides details of those persons and entities where the UK government has imposed sanctions unilaterally. Under the Sanctions and Anti-Money Laundering Act 2018 conveyancers and law firms face serious and extensive restrictions on dealing with people who are listed as ‘designated persons’.
To help conveyancers and law firms meet their money laundering obligations, Credas Technologies, has just launched Credas+, a new managed compliance service which removes the burden of having to manually remediate AML results. The new service offers a single comprehensive solution that delivers a pass or fail result, together with comprehensive compliance reports, including all the remediation evidence.
Tim Barnett
Tim Barnett, CEO of Credas Technologies, commented:
“AML searches often bring back a wide range of results that businesses must wade through. This is a crucial, but also time-consuming task that many firms would be better off outsourcing so they can focus on progressing the property transaction.”
Increasingly conveyancers and law firms need to know their customers, which involves verifying their ID, identifying the source of funds, and PEPs/sanctions checks, which can be a time-consuming process. Currently, compliance is quite a slow and burdensome process for conveyancers and law firms.
Tim Barnett continued:
“Unfortunately, conveyancers and law firms have become the front line against money laundering, sanctions, and organised crime.
“Since the increase in powers for the Solicitors Regulation Authority (SRA), there seems no doubt that the number of investigations and fines have increased significantly.
“The cost of investigations in both monetary value and lost fee-earning time has now become a significant risk for firms. This is made worse with the potential impact for the loss of an individual’s practicing certificate.
“We have made a significant investment in our new Credas+ service, which combines managed outsource compliance for PEPs, Sanctions & IDV.
“Agents will be able to reduce both their workload and the administrative burden of compliance.
“We stand as the epitome of certainty and security in PEPs, Sanctions & IDV checks and provide a best-in-class service for conveyancers and law firms nationwide.
“We look forward to working with conveyancers and law firms across the UK to ensure they meet all their compliance requirements.”
When an ID or AML check requires further action, the Credas Technologies professionally trained team will determine whether the result passes or fails, by following an expertly designed remediation process. Credas+ reduces risk and operational expenses for agents with fully managed AML/IDV compliance service.
Credas Technologies provides a simple, quick, and secure set of digital tools to gather the data required to verify someone’s identity using biometric facial recognition and run due diligence checks in real-time.
Credas Technologies’ mobile app is considered sector leading, featuring in the Top 20 Business Apps on both the Google Play and Apple Stores. Credas is the only certified provider to achieve the highest level of confidence for ID verification under the UK Government’s Digital Identity and Attributes Trust Framework.
For further information about their new managed compliance service, Credas+, please visit here, or call 02920 102555.
Kindly shared by Credas Technologies
