What do Acre’s electronic identity and verification checks mean for your firm?
Acre’s new electronic identity and verification (eIDV) checks mean that you no longer will spend an average of 45 minutes per client across 10 working days to securely obtain, store and share identification documents.
But what does this mean for your firm? We’ve taken a look at some of the important ways that Acre’s new eIDV checks can benefit your firm, advisors, partners, and clients.
Meeting a firm's legal, regulatory, and social obligations
Financial advice firms have a range of legal and regulatory obligations, that requires them to undertake appropriate due diligence on their customers, originating from legislation such as the Sanctions and Anti-Money Laundering Act 2018, the UK Fraud Act 2006, and the Proceeds of Crime Act 2002 as well as the FCA Conduct of Business Roles.
Acre’s eIDV functionality enables Brokers to meet these requirements in line with the Joint Money Laundering Steering Group Guidelines as part of Acre’s standard offering.
Through seamless integrations with Equifax and Onfido, Acre uses advanced image recognition, biometric verification, and machine learning technology alongside a wide range of data sources, to perform compliant electronic identity checks and detects fraudulent or stolen ID documents while carrying out Politically Exposed Persons (PEPs), sanctions and broader risk screening.
In November 2021, the FCA fined one financial advice firm £642,400 for deficient anti-money laundering systems and controls, so the cost of non-compliance is simply not worth the risk.
Preventing fraud and financial loss
eIDV not only protects lenders or the victims of identity theft, but brokers can also lose out either through the loss of time or with effort spent dealing with fraudulent clients. Acre brokers regularly report examples of how Acre’s integration has enabled them to decline clients whose background suggests nothing but trouble.
Acre’s risk reports, which provide details information on watchlist matches, are a particular help to principals and compliance officials who have to make the judgement as to whether risk indicators truly represent a problem, or whether sufficient due diligence and reassurance have been obtained to allow a case to proceed.
The cost may not be limited to an individual case. The risk of being removed from panel due to application issues is a concern familiar to all firms. Acre’s comprehensive eIDV puts the tools used by lenders in the hands of brokers. This means brokers can see issues well in advance and significantly reduce the risk of identity-related application rejections.
Smoother applications & improved application rates
Improving checks at the application stage means that Acre’s eIDV checks not only help protect brokers from enabling fraud and money laundering, they also flag any legitimate issues at an early stage. Whether it’s something simple like an incorrect address or not being on the electoral roll, allowing proactive correction or preparation, hence saving valuable time.
EIDV is just one of the ways brokers using Acre can be confident that on application submission they’ll be no surprises later on that could affect the application.
Improved customer experience
Efficiency and speed for the advisor can only be a plus to clients, but the benefits do not stop there. Acre’s client portal directly saves clients the time, effort and cost of providing documents in person or by post.
One-click combined eIDV, PEP, sanctions and risks checks
A fully integrated solution is crucial to gaining the maximum value from technology and lies at the heart of the Acre platform. Acre’s one-click eIDV, PEP and AML checks within the Acre platform are available at the click of a button – utilising the information collected through the fact-find. Either by the broker or the client through the Acre client-portal.
Beyond eIDV – Identity Assurance
Traditional eIDV validates the details of a client and, highlights potential fraud and other risks but does not confirm the person providing those details is one and the same.
Automated Identity Assurance provides a higher level of assurance and meets the requirements to perform impersonation checks for non-face-to-face clients. As an added benefit with the Acre platform, clients who have completed Identity Assurance meet the requirements to consent to an automated retrieval and import of their credit report.
Acre’s fully integrated end-to-end solution for eIDV - PEP & AML
A fully integrated solution is critical to gaining the maximum value from technology which lies at the heart of the Acre platform. The eIDV, PEP and AML checks within the Acre platform are available at the click of a button and utilise the information collected through the fact-find.
So, switch off your photocopier and switch over to Acre! Book a demo with our Business Development team to find out more!