The leading compliance solutions provider said it viewed as positive the avowed determination to continue co-operation in the fight against money laundering, particularly in relation to readily-available registers of beneficial ownership.
George Stark, managing director of Veriphy, said: “Following on from the 5th Money Laundering Directive’s endorsement of the validity of electronic verification, it’s good to see the Digital Trade section of this agreement add further weight to the concept by specifically adding protection for electronic authentication methods, provided of course that those methods are of sufficient quality.
“The agreement to exchange relevant information to help tackle money laundering and terrorist financing is also good to see”, added Stark, “as is the agreement to maintain adequate, accurate and up-to-date information about beneficial owners.
“We note that the parties to the agreement will now consider ways in which to ensure the secure exchange of information, and we look forward to seeing those considerations bear real fruit.”
Stark went on to add it was crucial there were no simple routes to concealment for money launderers, and the quick and efficient transfer of data was key to ensuring a healthy and effective compliance regime shared by the UK, the EU, and jurisdictions beyond.
Veriphy’s system collates multiple data sources from leading industry data providers and brings them together into one secure dataspace, with access via API, web UI or batch upload.
The company said it was uniquely able to offer clients a broad range of regulatory compliance and risk management solutions without upfront charge or usage commitment.
