Sales Procedure Guide
3.6 // Anti-Money Laundering and Fraud Prevention
Sales Procedure Guide
3.6 // Anti-Money Laundering and Fraud Prevention
Anti-Money Laundering and Fraud Prevention
You must verify that a customer’s identity and the address they provide is legitimate. Verifying identity and address means checking that the documents and signatures provided by the customer are genuine and match up, and the photographic identification looks like the customer providing it.
Evolution's Approach
We work within the FLA standard for Fraud and Anti-Money Laundering best practices by completing customer and enhanced due diligence where necessary. We expect our dealers to work with us within this framework of ‘Know Your Customer’ and ‘Prove Your Customer’ when obtaining documents from the customer.
We also expect our dealers to be vigilant to the risk of forgeries, including checking that documents are clear and in good condition and making further enquiries of the customer where necessary.
To comply with money laundering requirements, Evolution Funding requires you to provide evidence of how large non-part-exchange deposits have been paid. This may involve us asking for a copy of a bank transfer confirmation/remittance from the customer showing how a non-part-exchange deposit of £8,000 or more is being paid.
Key Fraud Indicators
Throughout processing vast amounts of finance proposals, Evolution Funding continually strives to learn from past experiences, including identifying potential fraud. Below is a list of potential Key Fraud Indicators (KFIs) that might help your business spot fraud.
Less than SIX months at the current address.
They are not paying any deposit.
It is a large advance.
They have high-level occupations - for example, they are a Manager or Director.
The contact details are for someone other than your customer.
You are being rushed by the customer.
You have a 'gut feeling' generally about the call or application - something is not right.
Potentially fraudulent bank statements. These can be easily purchased and can be recognised by features such as:
- Exactly one month to a page of transactions
- Large balances/transactions
- ‘Round Pound’ transactions – not showing any pennies
- Font inconsistencies
A - Assume Nothing
B - Believe No-one
C - Check Everything
Protect your business and innocent customers by being vigilant.
Always report any concerns to Evolution Funding so we can investigate.
