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Paradigm members now have access to fraud prevention tools

Michael Lloyd

January 9, 2020

Paradigm Mortgage Services’ member firms now have access to a range of fraud prevention tools and services following Paradigm’s partnership with credit reference agency Experian.

Paradigm member firms can now access Experian’s anti-money laundering ID&V checks service tool, it’s credit bureau data and Onfido’s digital document verification products.

These are all designed to streamline the mortgage application process and help firms combat potential fraud in this area.

Christine Newell, mortgage technical director at Paradigm Mortgage Services, said: “On the 20 December last year, the government transposed the fifth Anti-Money Laundering Directive into UK Law.

“This directive builds on the fourth AML Directive but with some new inclusions – one of these inclusions is new wording which states, wherever possible, businesses must use electronic verification for their AML checks rather than just looking at paper documents such as passports and driving licences.

“It is worth noting that there have been no recorded incidents of money laundering being committed where electronic verification has been used in a firm’s AML process.

“This new strategic partnership we have secured with Experian – the UK’s leading credit reference agency – not only allows Paradigm member firms to ensure they are meeting their AML responsibilities under the new Directive but provides access to comprehensive electronic verification tools at very attractive terms.

“It ensures advisers are putting in place even firmer foundations in order to combat potential mortgage fraud, and to ensure they keep their clients and their businesses safe.”

As part of the new strategic partnership agreement, Paradigm members will not need to purchase a license to use the AML tool, but will only be charged a transactional price.

Onfido’s digital document verification tool is also available to members at a reduced cost.

Using the AML and DDV tools allows advisers to run digital KYC checks that pass AML regulations to allow clients to confirm their identities online without the need for paper forms.

The credit bureau data tool means advisers can access their clients’ credit information for the first time in the UK.

In order to take advisers through the products and tools on offer and how they work, Paradigm has arranged two webinars on the 13 and 17 January.


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