Callcredit reaction to ICAEW’s support of electronic verification

18 September 2007

The ICAEW’s support of electronic verification is a positive and important step for the industry in the drive to curb money laundering.

With the onus of responsibility lying with accountancy professionals there are some important questions to ask of a supplier when requesting electronic verification.

Data accuracy and integrity are vital to successful verification. Data should come from a variety of sources and include positive and negative data sets. Sources should also be regularly updated – with approximately 3.2 million people moving home each year alone, the potential for inaccuracy if records are not regularly updated is considerable.

Electronic verification will I believe become increasingly important in anti-money laundering checks as the industry moves away from paper-based verification. And with responsibility falling on accountancy professionals to carry this out, those in the industry need to ensure that the practices and standards followed by their chosen partner are as transparent and up-to-date as possible.

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