There have been no recorded incidents of money laundering
being committed where electronic verification has
been used in a firm's AML process.
Paradigm are delighted to announce that as a consequence of our strategic partnership with FinTech specialist Experian (previously Castlight, but recently acquired by the UK's leading credit reference agency Experian), we have arranged access for our firms to 'Experian’s AML ID&V checks', 'Experian's Credit Bureau Data' and ‘Onfido’s Digital Document Verification (DDV)’ products, and will be supplying these at exceptionally attractive prices.
Experian's AML & Onfido's DDV Tools
Using these tools you can run digital KYC checks that pass AML regulations and your clients can confirm their identity online, without the need for paper forms or the expense of couriering identity documentation.
Paradigm members will not need to purchase a license to use the AML tool, but will only be charged a transactional price of £1.75 ( VAT). Onfido's Digital Document Verification tool is available at a cost of £10 ( VAT) for each use - where the normal market rate to non-Paradigm members is £16 ( VAT). For additional comparison, Royal Mail's charge for recorded delivery of passports is £16.
Experian's Credit Bureau Data Tool
Using the Experian Credit Bureau Data tool brokers can now access their consumers credit information for the first time in the UK. This credit data from Experian allows the customer to show the broker their own data within their credit file. This will provide you with a clear picture of your clients' circumstances and you'll be able to identify if they have any of the following:
- Mortgages and outstanding amounts
- Secured Loans
- Credit Cards
- Unsecured Loans
- Hire Purchases
- Missed payments/CCJs/Bankruptcies/IVAs
We have agreed that the Experian Credit Bureau Data tool is available at a cost £4.50 ( VAT) for each use.
To gain access to these exclusive Paradigm rates, firms will need to commit an initial £250 (excluding VAT) pre-payment, from which the cost of each individual product will be deducted. To be clear, this is not a license fee, simply a pre-payment where the respective services will be charged. Your balance with Experian can easily be topped up when it gets low.
On the 20 December 2019 the Government transposed the 5th Anti-Money Laundering Directive into UK Law. This directive builds on the 4th AML Directive but with some new inclusions - one of these inclusions is new wording which states, wherever possible, businesses must use electronic verification for their AML checks rather than just looking at paper documents such as passports and driving licences. All of these tools can help to streamline a vital part of the mortgage application process and will meet these new AML requirements.
Find out more and register
Find out more information on each product from Experian's website, click here for information on Experian's AML ID&V Checks, click here for the Digital Documentation Verification tool and click here for Experian’s Credit Bureau Data tool.
We understand that, as with any technology, you may wish to see a demonstration before considering implementing this into your current processes. Therefore, we are arranging demonstration webinars to show you in detail how the tools work and how they could save you time on a daily basis. The next webinar date is TBC - if you would like to speak with the Experian team before this, please contact them as per the details below.
To register with Castlight for these products with Paradigm's exclusive rates, please click here.
Get in touch
Contact Experian to discuss these products in more detail. Their Helpdesk is available 9am-5:30pm, Monday to Friday, on 0800 193 3547. You can also email their team at firstname.lastname@example.org.
If you have any queries concerning the pricing structure, and wish to discuss this with a member of the Paradigm team, please call Christine Newell on 07824 708 956.