VirtualSignature CEO comments on utilising technology to avoid fines following HMRC announcement
Following today’s announcement by HMRC fining hundreds of businesses a total of £3.2 million for breaching Anti-money laundering rules, David Kern, CEO of VirtualSignature, has issued a statement outlining how such breaches could be avoided by utilising technology.
"In an era marked by ever-escalating sophistication of illicit financial manoeuvres, it is paramount for businesses to remain vigilant and proactive. We firmly believe that the solution to this lies in embracing easily implementable, cost-efficient technology. This empowers firms to identify precisely who they are dealing with, while also guaranteeing full compliance with stringent regulatory norms," states Kern.
Kern emphasises the pivotal role of technology in this regard, "The technology exists now to mitigate the risk of regulatory action. With it, we can navigate the complex landscape of financial compliance more effectively and confidently, reducing the potential of detrimental business implications."
"By harnessing state-of-the-art technologies such as NFC, 3D liveness, and anti-spoof measures, our solutions allow businesses to authenticate identities remotely with a high degree of accuracy. Yet, software capabilities extend beyond this. We carry out exhaustive background checks, including address history, checks on Politically Exposed Persons (PEPs) and sanctions both domestically and internationally, and utilise the Cifas database to conduct comprehensive fraud checks," he continues.
"Moreover, our trailblazing VirtualSignature Identification (VSID) tool performs rigorous checks on the source of funds, flagging any aberrations in account activity or overseas transactions that could indicate potential attempts at money laundering. This intense scrutiny considerably minimises the risk of non-compliance with Anti-Money Laundering (AML) obligations, and virtually eliminates the scope for error."
Kern underlines the essential role of speed and accuracy in this process, "The brilliance of these technologies lies not only in enhancing security but also in accelerating the process. By eliminating human error, providing instantaneous results, and obviating the need for re-checking or trawling through disparate databases, they significantly reduce the likelihood of a firm falling short in fulfilling its AML responsibilities."
Concluding his statement, Kern underscores the holistic nature of VirtualSignature's offering, "As part of our service, we equip firms with a complete report and audit trail, serving as incontrovertible proof of their due diligence. This safeguards businesses against non-compliance and stands as a testament to their commitment to ethical business practices."
He urges businesses to seize the initiative, "In the battle against money laundering, we can either be reactive or proactive. By adopting our solutions, firms are not just keeping pace with the evolving landscape, but they are actively staying one step ahead."