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Newcastle technology business wins global award PDF Print E-mail
Tuesday, 05 July 2016
Veriphy, a Newcastle-based business which provides financial due diligence and compliance services to regulated, professional businesses, has received the prize for Best for Anti-Money Laundering Checks in the global 2016 Technology Innovator Awards. 

The Awards, which will be officially announced in August, recognise leading technology businesses from across the globe and invite businesses to nominate companies who they feel provide an outstanding service or product.

Veriphy ML, Veriphy’s Anti-Money Laundering (AML) Check technology, was nominated within the wider Financial Services category before the company was rigorously checked by the Awards’ team leading to its final classification. The researchers looked into the company’s background, services, products and sourced client testimonials to ensure only the leading businesses in their field received awards.

Veriphy ML was created specifically for organisations required to comply with The EU’s Third Anti-Money Laundering Directive, including financial and credit businesses, accountants and estate agents.

Taking nearly a year to develop, the service cross-checks multiple authoritative and highly regulated databases for near instant compliance. Usual practice involves clients sourcing printed copies of customers’ documents, however Veriphy ML provides businesses with instant verification and a complete digital audit trail, drastically reducing the time required for financial transactions.

Databases checked include the Electoral Roll, credit services, both fixed line and mobile telephone data, birth certificate and mortality checks, National Insurance and passport checks, HM Treasury sanctions, credit information and UK driving licence check. International checks are also included, such as Politically Exposed Persons (PEPs) and US Office of Foreign Assets Control (OFAC) Sanctions.

Corporate Vision, the company behind the awards, commented: “Corporate Vision is happy to name Veriphy - Best for Anti-Money Laundering Checks 2016. Upon their case file review we found Veriphy was top of its market and offered very flexible services and top of the line commitment to its customers.”

George Ford, director of Veriphy, said: “Winning this award is a fantastic accolade and testament to the hard work of the whole Veriphy team.

“Our ambition is to create the simplest and most cost-effective access to regulatory-required information and we’ve designed each of our services, including Veriphy ML, with our clients in mind – the regulations they need to follow may be complex but it was our aim to ensure the service we provide is as easy for them to use as possible.

“We believe that being flexible and willing to respond to our clients, we can continue to grow and innovate.”

Based in Newcastle, Veriphy was established in 2007 to assist firms in the regulated sector, including law firms, accountants, independent financial advisors and estate agents, to comply with statutory obligations quickly and easily through innovative technology. It now works with clients in over 35 countries worldwide.

The company offers a range of regulatory products and reports for both personal and company checks, including anti-money laundering, criminal records, credit screening, business reports and HR screening. Veriphy is FCA, HMRC and Law Society compliant and is also subscription-free, meaning there are no ongoing costs and no need to buy credits.
 

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