Jordans is the first corporate service provider to link its comprehensive AML (Anti Money Laundering) system to its company formation platform through a single sign-on facility.
Until now, many professional firms have been forming companies and then completing their due diligence at a later date. Yet this approach doesn’t allow a fully informed decision or reveal issues that could make a difference to how they act for their clients. It’s why Jordans has developed its Online ID Verification system that allows the completion of AML checks in accordance with the 4th Money Laundering Directive including global PEPs (Politically Exposed Persons), Sanctions and Enforcements, before a company is actually formed.
Amanda Barnes, AML & Compliance Manager, commented, “At Jordans we believe it is important to know exactly who we are forming a company for. Customer due diligence is crucial to understanding our clients and their business, and we appreciate that this is key to the legal and accounting sectors. Knowing a client’s business, including who they act for, ensures that we work within our industry’s risk framework.”
Amanda adds, “Our system helps professional intermediaries to recognise clients’ business patterns or behaviour. If this isn’t clear then it’s extremely difficult to identify abnormal or suspicious activity. What’s more, the system doesn’t just cover the UK. It can also check international formations clients for any global PEPs, Sanctions or Enforcements. This unique feature also helps firms that are keen to protect their reputation.”
The new system has been designed to streamline the due diligence process overall, and allows firms to bring their compliance under a single platform. Ray Ruffels, Managing Director, Business Information, explains, “Our research has shown that traditionally AML services are not combined into one framework. Often firms have multiple suppliers to meet their due diligence needs, which results in unnecessary complexity. Having to sign into disparate systems with multiple passwords can be an added source of frustration.”
Ray concludes, “The legal and accountancy sectors need to know that their service provider fully understands the compliance requirements and has a full grasp of the latest legislation. With our Online ID Verification service, we are leading the way in how due diligence is conducted. By enhancing KYC (Know Your Customer) from the outset, we can ensure that professionals find out about adverse situations before they arise, making certain that they can act for their clients with confidence, reducing the risk and any associated costs.”
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