Posted: Tuesday, 27 April 2021 @ 13:11
In the past year when we have all been "Zooming" or using Teams,
Facetime, Webex or any other video platform to support our clients and our businesses, the question of
obtaining suitable ID has been much
debated. Even those Members that have been using the telephone to conduct client meetings need to be aware of the
need to obtain suitable ID.
Membership of the IPW requires the highest standard
of professionalism and compliance which has led to us becoming the recognised professional body promoting the profession of Willwriting, and helping
Members businesses stand out against
Keeping up to date, maintaining
and improving upon our high standards of compliance is not easy but it is part of who we are
regardless of the cost or inconvenience. Take Anti Money Laundering Regulations (AML) for example which have
significantly changed since the introduction
of the Money Laundering Regulations 2007 as in the 5th AML Directive 2020 where professionals are encouraged to use
a digital process whenever one is available, but back in 2007 none existed.
It is not the case that professionals do not want to comply
but more a case of being unaware
of increasingly challenging AML legislation and not having a simple,
smart solution. In February 2021 one large solicitors practice
is still using a manual
checking process by getting clients to post in original documents
which are then checked by staff untrained in verifying whether a passport
or utility bill is real or forged.
Apart from the inconvenience to clients having to post original documents
during lockdown by Royal Mail Special Delivery,
for example, a secure method,
is a minimum of £12.80 2-ways. Added to that how much time are their
staff spending checking these ID’s manually which is an unreliable method anyway, does not reduce their risk and is
not conforming with the 5th AMLD?
A reasonably sized barristers
chambers feels that holding a passport up during a Zoom meeting is somehow AML compliant. Is it? Can you honestly say
you have checked a screenshot thoroughly and how can you be 100% certain
it is authentic? Compliance is not our day job but we are responsible for it none the less and it can be super daunting
as the penalties can be high for non-compliance, whether
conscious or non-conscious.
The IPW is constantly researching ways to help members easily
achieve higher standards in all areas of business
and we are pleased to announce we are teaming
up with ID-entity™ to provide members
with a complete AML solution.
This includes a proven system
providing you with AML compliance training, a certificate and 1 hour CPD, our own IPW branded mobile ID
verification app with options for e-signature
and always on, reach in/out digital client
This can be used for clients
that want to retrieve documents from your storage vaults, executors wishing to retrieve the Wills of
those that have passed away or for any day to day client you see virtually by video or over the 'phone. Make your life and their life easier and be compliant.
Every time this service
is used the IPW receive
a small fee which will be used to provide
other services for our Members
as we look to build residual income streams for the Institute to become more sustainable. You are also at
liberty as a business to add your reasonable
margin on top to ensure you can act both compliantly and profitably as a
business operator. This will be discussed
more in depth on the webinar.
Simplicity for your clients, as the speed of life seems to
accelerate all the time and with the problems caused by lockdowns, they want simple,
quick, smart ways to get things done. With ID-entity™ they take out their phone, and,
with a few taps, complete verification. They don’t want inconvenience to present their
ID, simply to receive a service and with speed.
ID-entity™ is a smart, trusted, super simple, identity
verification app for professionals who are required
to verify a client’s ID.
Save time, reduce costs, lower risk, improve
client experience, ISO 9001 Certified
and accredited by HMRC for Regulatory Excellence, it’s probably your
We have agreed exclusive lifetime discounted fees for IPW Members but only if you register
through the link below, which will take you to our own branded IPW portal.
All those who register
will obtain an exclusive IPW invitation to a "Show me how webinar".
Be compliant and be certain.
Written by Trevor Worth, Council Member and Vice Chair.