Anti-money laundering at Middleton Ross part 2

The second part of our guide to help clients understand our anti-money laundering obligations and how we manage this at Middleton Ross.

In our previous money laundering blog, we explained why we need to obtain certain information from our clients for each transaction and the importance of this. We also introduced our digital verification tool called Amiqus and in this blog, we will explain a more in-depth explanation of Amiqus and answer some frequently asked questions that we get from clients.

Like many businesses, the coronavirus pandemic changed the way we do business and how we see clients. We understand that not everyone can come to the office with documentation but as a firm, we still need to ensure we meet our anti-money laundering obligations. Amiqus allows our clients peace of mind that the portal they are using is secure, but they have the flexibility to complete this from the comfort of their home or they have the option to come into our office and we can help complete  the request with clients.

Below are some of the frequently asked questions we receive from clients about Amiqus:

How does it work?

Using a secure link, an administrator from Middleton Ross sends a request for checks to the client by email.

After receiving the link, the client can then undergo a range of identity and financial status checks from the convenience of their own device.

Once checks are submitted, Middleton Ross receives a report for their decision via Amiqus. All data, documentation and results are stored, encrypted, and backed up online with a digital audit trail.

Can I not just email my identification over to you?

The level of encryption that Amiqus has meant that it is more secure than personal documents being sent as email attachments to Middleton Ross.

What is a banking information check?

An open banking information check is what we mean when we do a source of funds checks, this is normally asked for when we are doing a transaction such as purchasing a property on your behalf. We ask you to provide banking details so we can see evidence that the funds you are using are coming from a legitimate source.

Is the open banking check safe for me to do?

Open Banking provides more security than other methods of sharing financial information, such as screenshots of bank statements. This is because it’s regulated by the Financial Conduct Authority and therefore must meet the same rigorous standards as banks and other financial institutions.

Are my banking login details shared with Amiqus or Middleton Ross?

No, Middleton Ross or Amiqus will not know your login details for your banking information.

What if I can't connect to my banking provider or account type via Amiqus? 

If your banking provider or account type is not supported yet by Open Banking technology, Amiqus have introduced a fallback route. If the banking provider is not available, you can select 'I can't find my banking provider'. This will prompt you to manually enter the account details, add an optional note about the account for additional context and upload bank statements for the requested period e.g. 1, 3, 6, or 12 months instead so that you can complete the Banking Information check. If your account type is not supported, you can manually add another account in the same way by selecting 'Add another account for a connected banking provider.  

Can I come in to get help with completing my Amiqus request?

All our staff  have completed training to ensure they can assist clients in completing the Amiqus checks and will be happy to help clients if they wish to complete the checks in our office.

If you have any questions that are not covered in this blog, please feel free to contact us.