FAQs

WHY WAS THE MODERN SLAVERY ACT INTRODUCED?

There is a need for adequate legislation, to hold employers accountable for the legitimacy of their labour. Far from being a distant notion, modern slavery is a global issue that the Modern Slavery Act sets off to tackle.

Increasing accountability throughout the supply chain of organisations and protecting workers were the main aims of the Modern Slavery Act. As an added benefit, compliance with the Act is a way to inspire greater confidence amongst customers about the products and services you offer.

HOW CAN CREDAS HELP WITH ‘KNOW YOUR CUSTOMER’ CHECKS?

KYC checks are often a complex, time-consuming and expensive part of your business’ due diligence process.

Here at Credas, we aim to make the process quick, easy and secure by offering electronic identity verification software which performs real-time ID checks using two-way user facial recognition technology.

Comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, while also saving yourself and your customers time and effort.

The checks also allow businesses to monitor their clients’ behaviour for suspicious or out of place activity.

WHICH KYC DOCUMENTS ARE REQUIRED?

To carry out KYC checks, you will need to request documents which confirm your customers’ legal name, any name changes, and correct permanent address, as well as proof of identity and proof of address.

WHICH INSTITUTIONS USE ‘KNOW YOUR CUSTOMER’ CHECKS?

The verification process has gained popularity among some businesses which handle money in some shape or form, including banking institutions, insurance agencies, and credit companies.

Other businesses who acquire detailed information from their customers to prevent fraud can also use KYC checks to ensure they are not unknowingly enabling bribery, corruption or money laundering.

WHY ARE THE CHECKS IMPORTANT?

The main aim of KYC checks is to ensure that all parts of the business, from customers and agents to distributors and consultants, are compliant with Anti Money Laundering regulations and Anti-Bribery laws.

In addition to protecting you from falling victim to fraud, it also minimises the potential risk to your company’s reputation posed by working with customers guilty of unlawful money handling.

WHAT IS ANTI-MONEY LAUNDERING IN SIMPLE TERMS?

In the most general sense, Anti-Money Laundering (AML) is the blanket term describing the collection of laws, processes, and regulations used to prevent illegally gained money from entering the financial system.

AML targets a wide range of activities, from corruption and tax evasion to manipulating the market and trading with illicit goods, and the efforts to conceal these activities as the original source of funds.

Since the majority of criminals and terrorists rely heavily on a cash flow of laundered money for their illegal activities, having the appropriate AML checks in place has broader crime-reducing implications.

Under Money Laundering Regulations many businesses are required to conduct thorough customer due diligence to help combat money laundering and economic crime. AML checks are essential part of customer due diligence which screening customers against PEPs and Sanctions lists and verifying their claimed identities. Failure to meet to AML obligations can lead to financial penalties and even disqualification as business/director.

IS ANY DATA STORED WITHIN THE APP?

No data is stored within the app and it is stored within the cloud using the best-class data security protocols and software.

I CANNOT UPLOAD MY DOCUMENTS, WHAT SHOULD I DO?

The app will provide guidance on providing an acceptable image. It will also allow 3 attempts. Please ensure the document has all four corners in view, there is no glare or shadowing and all information is clear and in view.

HOW DO I SUBMIT FURTHER DOCUMENTS?

In order to submit additional documents, you would need to access the Credas app using your registration code then select ‘Scan ID Document’.