Identification & verification: Electronic answers (I)

The regulated sector is still working out how to reach behind the corporate vehicles it has as customers to the ultimate beneficial owners. Malcolm Parker , International Programme Director, D&B UK & Ireland, looks at the identification and verification checks required and how external electronic databases can help.

The revised Joint Money Laundering Steering Group (JMLSG) Guidance, published on 7 November 2007 recognises that firms will “in many situations need to be prepared to accept a range of documents, and they may wish also to employ electronic checks, either on their own or in tandem with documentary evidence”. (JMLSG Guidance Part 1, para 5.3.32)