This article gives answers to common questions in regard to AML checks through Veriphy via Unity® Search

Overview

Veriphy source their data from the best possible suppliers & market leaders - LexisNexis, Equifax, Experian, BT, Royal Mail, HM Treasury, OFAC, Creditsafe, GBG, LawyerChecker and GlobalX. Their databases are also regularly updated in order to ensure they have access to the most in-depth and broadest data sources available.

Q - Why does the report state ‘We are unable to confirm this person's residence using standard online sources.’

A -  ‘It looks like there isn't enough online data to match him at that address, if he lived and worked overseas for some time then this maybe the reason why. 
  
It appears that they are not on the electoral roll, there is no records of him on the credit referencing agencies such as LexisNexis or Equifax, and if has bank/lending accounts is his using a bank that has signed up to the open banking and has been set up in the UK. 
  
As long as you feel that there is nothing suspicious about the result and the client is not confirmed to be on any Sanctions List, print and/or save an electronic copy of the report and ask for two documents that confirms the name and address of the client i.e., Bank statement or utility bill. If you have any concerns or Suspicions about the result, notify your MLRO immediately.’

Q - Can we refund the check as I have put the incorrect information in and need to order it again?

A - Once a check is completed, we are unable to cancel/refund it.’

Q - When does a AML need to be international?

A - A check needs to be international if the client is living at a international address. This does not go off the passport, this only applies to their address.

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Q - Why has my client failed on PEP?

A - It's very hard to determine whether it’s a false positive, as most of the PEP list (70%) has just names, so we need to search on name only and return possible matches.  
  
The PEP list itself is not a clear-cut centrally managed list and is created mainly from internet keyword searches. Our PEP results are designed to assist by showing possible matches but will never assert a definite match. 
  
You are not allowed to disclose the result to your client, but you may already know other information such as their job role or name of their spouse.  
  
We are unable to give you guidance of whether you should proceed as this is for your company to decide and to complete a risk assessment. 
  
Where a potential customer is shown to be on either the Sanctions lists or the PEP file, the Nominated Director / Money Laundering Reporting Officer should be informed immediately. 

It is a criminal offence to make funds available to targets on the sanctions list.

Where a check flags up that a person may be a PEP, enhanced due diligence will be required. In both instances, guidance should be sought from the Money Laundering Reporting Officer before any action is taken. 
  
Practical examples include: 

• Establishing source of funds and wealth
• Enhanced monitoring of transactions
• Carrying out additional searches on the individual (such as an adverse media check)
• Establishing the intended purpose and nature of the business relationship.”

Q - Why does the report state "Driving Licence is invalid"?

A - This could have for several reasons:

• If the licence is expired or outdated
• If security features are damaged/tampered with
• The image is unclear or of low quality
• It is unsigned