Ruth Mitchell

Member Article

Simpler fraud checks introduced by NE firm

A new online anti-money laundering system for estate agents and related organisations has been launched in the North East. Veriphy, based in Newcastle, has developed an electronic solution to help affected companies deal with new legislation.

As of 15 December estate agents will be inspected by Trading Standards to ensure that they are performing money laundering checks on their clients. They will also be inspected to ensure they have an anti money laundering policy in place and are retaining records of checks for 5 years.

Veriphy’s new system simplifies the process of performing money laundering checks, making it even easier for companies to adhere to the legislation.

George Stark, Managing Director of Veriphy, said: “Come December, not only will these checks need to be made, but for the first time compliance with the legislation will be rigorously policed. “Penalties for not complying include unlimited fines and up to two years imprisonment, even if no money laundering has taken place.”

For further information about the sytem, go to

This was posted in Bdaily's Members' News section by Ruth Mitchell .

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