Identity Checks & Bankruptcy

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The rules laid down by regulators are clear. You should ensure that all parties involved in a financial transaction are who they say they are.

This is especially pertinent for beneficiaries of an estate, whom you generally won’t be onboarding in the same way you do your client. You should also be checking that there are no issues, like insolvency or bankruptcy, that could cause a risk to your law firm.

The Legal Sector Affinity Group (LSAG), has developed anti-money laundering (AML) guidance for the legal sector, providing practical steps to help firms ensure regulatory compliance.

In the guidance, the LSAG clarifies what is meant by identification (being told or otherwise coming to know a client’s identifying information) and verification (obtaining evidence that supports this claim of identity.

The range of ID Checks available from Estatesearch provides the easiest way of checking the solvency, bankruptcy and identity of a beneficiary or lay executor. Available at 3 levels of detail, and powered by Veriphy, the multi-award-winning AML & Compliance experts, our ID checks ensure regulatory compliance and offer robust solutions to protect both the interests of your client and the reputation of your firm.

 

• Identity Check
• Anti-Money Laundering Check
• PEPs and Sanctions
• Bankruptcy / Insolvency Search (Standard & Premium Checks only)
• Electronic Identity Check using sophisticated anti-fraud, biometric and AL technologies (Premium Check only)

Our solution is fully compliant with section 19.11.3 of  The Probate Practitioner’s Handbook. It is integrated into the Estatesearch case journey via our ordering platform, providing time-saving and audit trail benefits.

The range includes

Identity Check Basic: £4 + VAT

• UK Identity Check confirming name, address, and date of birth data.
• UK Identity Document Verification confirming valid National Insurance, Driver’s License and/or Passport where details are provided.
• Anti-Money Laundering search checking for Politically Exposed Persons and HMT, EU and OFAC Sanctions

Identity & Insolvency Check Standard: £7 + VAT

As per the basic check but also includes:

• Insolvency search including registered Bankruptcy Orders, Independent Voluntary Arrangements and County Court Judgements.
• A HM Land Registry K16 Official Bankruptcy Search of Land Charges Registers against the named person including registered Bankruptcy Orders and Petitions for Bankruptcy. (NOT Scotland or Northern Ireland equivalents at this time)

Identity & Insolvency Check Premium: £10

As per the standard check but also includes:

An electronic identity verification check including a check of document authenticity, compared to a biometric ‘selfie’ to verify subjects’ identity using sophisticated anti-fraud, biometric and AI technologies.

 

Book your demo today!