Credas has become one of the first AML providers to be certified against the UK Government’s Digital Identity and Attributes Trust Framework (DIATF) following an extensive assessment of our technology, IT security, processes, policies and governance.
With the property sector required by legislation to verify its clients for anti-money laundering purposes, many businesses have turned to Identity Service Providers (IDSPs) to help them manage their customer due diligence.
Up until recently though there was no minimum published standard for an IDSP themselves. This all changed when the UK Government introduced a certification programme for IDSPs to meet the requirements of their Trust Framework which acts as a trustmark for excellence.
Minimum published standards must now be met by IDSPs wishing to be certified and the Government strongly recommends that agents, landlords and employers use an IDSP that is certified against the DIATF framework.
With an ever-increasing number of AML providers, Credas welcomes the DIATF initiative which allows businesses to easily identify companies that are the most effective and efficient by way of the new kitemark.
The trustmark will give businesses who conduct ID verification for AML purposes or as part of Right to Rent and Right to Work checks the peace of mind that they have been independently assessed and accredited by a recognised government body and those that have not.
With AML requirements becoming more and more strenuous in recent years and big fines being handed out to Estate and Letting Agents by HMRC for non-compliance, adopting an AML technology platform such as ours is not only sensible in that it’s more efficient, it also won’t miss important parts of the process that a manual check might.
This UK Government Trustmark can now give the market confidence that a provider operates to the highest standards, quality, and reliability and enhances correct organisational compliance which could protect against fines that can otherwise be thousands of pounds per sanction