By Legal Futures Associate Valid8 IP
Across regulated sectors, organisations are under increasing pressure to demonstrate robust client due diligence, identity verification and onboarding processes. Recent developments in the UK’s anti-money laundering (AML) regime are a timely reminder that these fundamentals remain firmly in focus.
One of the biggest changes on the horizon is the government’s plan to move towards a single AML supervisor for professional services, with the Financial Conduct Authority (FCA) expected to take on responsibilities currently carried out by multiple professional body supervisors, including the Solicitors Regulation Authority (SRA). While the transition will take time and further consultation, the direction of travel is clear: greater consistency in supervision and continued focus on AML compliance.
At the same time, enforcement of existing requirements has not slowed. Recent SRA enforcement action highlights that firms continue to face penalties for shortcomings in areas such as risk assessments, client due diligence and evidencing AML procedures.
From our perspective, the key takeaway is straightforward. Regardless of who supervises AML compliance in the future, organisations need confidence that their onboarding and due diligence processes are being followed consistently and that there is a clear record of what checks were carried out and when.
That’s where we believe technology can help.
Valid8 supports organisations across legal, debt, claims management, insolvency, mortgage and other regulated sectors with identity verification, AML/KYC screening and wider data intelligence services designed to simplify onboarding and support informed decision-making.
Our platform brings together identity and proof-of-address verification, AML, PEP and sanctions screening, multi-bureau credit reference data from Experian, Equifax and TransUnion, Open Banking insights, affordability assessments and source-of-funds intelligence through a single client journey. In addition, biometric identity verification capabilities, helping organisations increase confidence that the individual presenting identification is the genuine document holder.
As digital onboarding continues to evolve, we’re also seeing increasing interest in stronger identity assurance standards and governance frameworks, including approaches aligned with GPG45. We believe the direction of travel is clear: organisations increasingly need reliable, auditable evidence of who their customers are and what checks have been completed throughout the onboarding journey.
Ultimately, regardless of sector, the challenge is becoming less about whether checks are completed and more about whether businesses can evidence those checks consistently and efficiently.
As the regulatory environment continues to evolve, now may be a good time for firms to review not just their AML policies, but also how their onboarding and verification processes operate in practice.
If you’d like to discuss how Valid8 could support your client onboarding, identity verification and AML/KYC processes, we’d be pleased to talk.
