Redbrick Solutions are set to launch a new integrated biometric AML service with the latest release of Redbrick Practice Management. The new service is a part of Redbrick Solutions ongoing commitment to providing clients with the latest technology, enabling them to run their law firm safely and efficiently.
It is estimated that the amount of money laundered through the UK every year could be as much as £57 billion, with law firms being an obvious target. Property purchases are a favourable method of money laundering by criminals due to the nature of high value transactions, creating an easier way to launder large amounts of money without being flagged as suspicious.
Redbrick’s new biometric service, provided by Credas, is Safe Harbour compliant. Safe Harbour is a standard that was introduced by HM Land Registry on 12th March 2021 to encourage the use of digital identity checks in the conveyancing process. Crucially, HM Land Registry have said they will not pursue conveyancers who meet the standard in any recourse claims on the grounds that insufficient identity checks were carried out.
Key requirements of the Safe Harbour standard are met as follows:
- The Credas mobile app utilizes NFC reading technology to read the RFID chip embedded in passports. This is the most reliable and secure method to determine whether it is a genuine government issued document. All data is securely stored in the cloud, keeping the information safe and secure, in line with GDPR.
- Passive liveness technology automatically measures and analyses physical characteristics to determine if the person being captured is live and present. This image is then compared to the image stored in the passport RFID chip to verify the same person is present in both images. See a video of how passive liveness tests work here.
- Finally, Credas offers comprehensive checks on over 4000 types of identity documents, including driving licenses, utility bills and bank statements.
Jo Hodges, Sales and Marketing Director of Redbrick Solutions commented “We are delighted to be working with Credas to enhance the AML service through our platform. Working with Credas will bring real-time state of the art AML checks to our clients, with results stored against the client in the case management system, and a full audit trail provided. Redbrick and Credas are committed to improving this aspect of the industry and speeding up the conveyancing process for our clients. Credas are experts in this field and we are excited to be integrating with them to share their expertise for the benefit of our clients.”
Rhys David, CEO of Credas, said “We are very pleased to be working in partnership with Redbrick Solutions to provide Redbrick users with access to state of the art AML compliance technology. Customer due diligence has become a core function for businesses who operate within regulated sectors and this relationship with ensure these processes can be completed by Redbrick users in a manner that is simple, slick and smart.”
For further information, please contact us.