A new online anti money laundering system for estate agents and related organisations has been launched in the North East.
Veriphy, based in Newcastle, has developed a custom made electronic solution to help affected companies deal with new legislation, effective from 15 December, which will require estate agents to perform money laundering checks on clients. They must also retain records of checks for five years.
George Stark, managing director of Veriphy, said: “Come December, not only will these checks need to be made, but for the first time compliance with the legislation will be rigorously policed. Penalties for not complying include unlimited fines and up to two years imprisonment, even if no money laundering has taken place.”
Veriphy’s system is available over a secure website, and checks can be performed in under a minute on a single-purchase basis. There are now over 100 organisations using its service, including solicitors, IFAs and lenders.
http://www.mortgagesolutions-online.com/public/showPage.html?page=478737
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