Why identity checks are so important

There are a number of industries that utilise identity checks such as those offered by KNOW YOUR CUSTOMER software like www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer/. Many of these will work in industries, such as education or finance, where verifying the identity of those who work in the companies, as well as its customers, is paramount to the customer, employee and business safety and security.

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In the finance industry it is important to check that customers are who they say they are to not only ensure that they are legally allowed to have the account or the loan that they are applying for, but also to check for instances of money laundering and fraud. Money laundering is where money is obtained from criminal activities and is then spent in a legitimate way or moved into a legal account. Mortgages and purchasing property are a common way to try and make dirty money, clean.

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In education establishments it is important to make sure that those who work and volunteer in the school or educational setting are legally allowed to work with children and young people. DBS checks are carried out to ensure that none of those working in education have been barred from this kind of work or have been convicted of any crimes that would prevent them from children or young people.

In some cases, other checks will also be undertaken to ensure that they have the right qualifications and the right to work in the UK.

 

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