The scope of Veriff’s information security management system (ISMS) comprises the operations supporting the Veriff IDV offering. The scope includes the Legal & Compliance, InfoSec, Engineering, Product, Human Resources, Facilities, and Verification Operations teams. The certification also extends to the additional controls defined within the ISO/IEC 27017:2015 (security for cloud services) and ISO/IEC 27018:2019 (protection of personally identifiable information (PII) in cloud services) standards.

In order to achieve the certification, Veriff’s conformity against standard requirements was assessed by an independent certification body, Coalfire Certification. As part of the process, Veriff had to demonstrate a continuous and systematic approach to managing and protecting both company and customer data.

"Veriff is committed to continuing to build trust, so it is especially crucial for people to be able to trust an identity verification company like ourselves with their data. Having an independent third party confirm our security management processes’ compliance is a sign of a company’s maturity and gives our existing customers more confidence in our ability to safeguard both their and our data," said Kaur Virunurm, Chief Information Security Officer at Veriff.

ISO 27001 is one of the most widely recognized and globally accepted information security standards. It identifies requirements for a comprehensive Information Security Management System (ISMS) and defines how organizations should manage and handle information in a secure manner, including implementing appropriate security controls to mitigate risks.

Veriff is also compliant with CCPA, GDPR, SOC 2 Type 2, and WCAG Accessibility Guidelines.

Coalfire Certification is an accredited certification body per both the ANSI National Accreditation Board (ANAB) and the United Kingdom Accreditation Service (UKAS), no. 9224. The certification body administers management system audits for service organizations within the cloud and technology, healthcare, and financial sectors.

Veriff has been awarded certification against the ISO/IEC 27001:2013 standard

We are glad to announce that Veriff has been awarded certification against the ISO/IEC 27001:2013 standard, an internationally recognized information security standard published by the International Organization for Standardization (ISO).

This is a blog post about Veriff obtaining ISO/IEC 27001:2013 certification.

Caroline brings more than 15 years experience in the technology industry to her new role at Veriff. Most recently, she was senior vice president of marketing at Qualtrics where she led EMEA marketing and sales development as well as global partner marketing. During her time at Qualtrics, Caroline grew her team from one person to roughly 100 across the globe. Prior to that, she led international marketing for Google, owning marketing initiatives for the Google for Education product line.

“We are at a pivotal point in Veriff’s history, with a great opportunity to expand our global influence in the identity verification industry making trust scalable online,” said Kaarel Kotkas, founder and CEO of Veriff. “Caroline brings a proven track record for helping companies - and individuals -  to successfully scale. She will play a critical role in helping further strengthen Veriff’s position in the US market and lead Veriff’s adoption in new markets.” 

The identity verification (IDV) market is developing at a rapid pace as an increasing number of companies and consumers are recognizing the technology’s ability to instill trust and security in their online interactions. Veriff is well positioned to call attention to the benefits of secure IDV and can lean on its position as a leading provider of IDV technology to some of the world’s biggest brands to influence market trends.  Mogford’s appointment to CMO will strengthen the company’s position and provide strategic leadership behind Veriff’s efforts to educate companies and consumers. 

“There are four things that I look for in a company: Does it make the world a better place? Does it have the best product in its space? Is it led by amazing founders with a long-term vision? And does it hire great people?,” said Mogford. “Veriff checked all those boxes for me. I believe that Veriff has the best ID verification technology - whether to  ensure that your children are safe online playing video games, or that your taxi driver is who they say they are. This is something that should make all of our lives safer and easier. I have high expectations for what Veriff’s team will achieve and I’m thrilled to be part of that journey.”  

Mogford has a First in Economics from Cambridge University and a Masters in Economics from The London School of Economics.

Former marketing leader at Qualtrics joins Veriff’s executive team as CMO to expand strategic marketing initiatives across the globe. 

Caroline will be responsible for leading the company’s marketing strategy as it meets the growing demand for reliable and secure identity verification across industries. In her role as CMO, she  will lead the global marketing organization focused on driving Veriff’s demand generation, product marketing and brand awareness. She will also join Veriff’s executive team expand strategic marketing initiatives across the globe. 

This is a blog post about Caroline Mogford joining Veriff as Chief Marketing Officer to expand strategic marketing initiatives across the globe. 

Caroline Mogford joins Veriff as Chief Marketing Officer

In the past few years, transaction monitoring has become a vital part of anti-money laundering (AML) compliance. This is because the ability to spot a suspicious transaction could prevent thousands or millions of dollars from being laundered by criminals through your business. It can also prevent your organization from being caught up in a money laundering scandal. 

AML transaction monitoring refers to the process of monitoring customer transactions. In this process, both historical and current customer interactions are monitored so that a complete picture of customer activity can be built. Although this process can be done manually, it is incredibly time consuming. For this reason, most financial institutions use software.

AML transaction monitoring procedures and rules

Financial regulators around the world are starting to make transaction monitoring a regulatory requirement. The process was introduced in the 4th money laundering directive in Europe in 2015, but it has since been expanded upon and modernized in the Anti-Money Laundering Act (2020).

The actual process of monitoring transactions depends on the services your business provides. However, generally speaking, in order to monitor financial transactions, a company will create a rules-based system that’s based on their needs. If a suspicious transaction then triggers any of these rules, an alarm will be sounded by the transaction monitoring software (or a person monitoring a transaction if the process is done manually). At this point, the transaction is stopped so that it can be reviewed by a company’s compliance or risk department.

If the person reviewing the transaction believes that it can be linked to crime, then it is reported to regulators in the form of a Suspicious Activity Report (SAR).

As a financial services company, there are many local and global AML regulations that your company must comply with. 

However, the Financial Action Task Force (FATF) sets the standards that are tied to AML and CTF procedures. It recognizes the following factors as determinants of the proper extent of AML/CFT controls:

The diversity of a financial institution’s operations

The nature, scale, and complexity of the business

The extent to which the financial institution is dealing through intermediaries, third parties, or non-face-to-face access (if applicable)

The degree of risk that is associated with each area of the financial institution’s operation

The customer, product, and activity profiles of the financial institution

The AML transaction monitoring process ensures that you know exactly who your customers are. It also ensures that you do not fall foul of the latest AML and KYC requirements.

Transaction monitoring systems have been common in financial institutions for the past several years, and they provide risk-based AML transaction monitoring.

A transaction monitoring system uses information gained from the KYC processes of your business to account for client risk. These risk measures are then used as part of the rules that help identify certain account-based activities for investigation and possible disclosure.

Put simply, AML transaction monitoring is an effective way for financial institutions to combat crime and comply with AML/CFT regulations. It can be used to detect:

In addition to this, across the past couple of years, regulators from across the globe have imposed large fines on financial institutions for failing to adequately monitor financial transactions, with some of these fines being in excess of £200 million. 

These fines accurately illustrate the importance of adequate transaction monitoring. They also show how important it is that your business can provide evidence that it’s complying with legal and regulatory requirements.

AML transaction monitoring best practices

When it comes to the process of monitoring transactions, the legislation is not prescriptive. This means individual financial institutions can choose an approach that suits them.

Although some small financial firms choose to use a manual approach where employees check transactions, this can be incredibly resource intensive. It may also mean your business is unable to adapt to emerging risks or changes in the regulatory landscape. 

As a result, many firms instead choose to adopt an automated approach. Although automated tools can be expensive, they are noticeably less resource intensive and are highly accurate. 

That said, many effective transaction monitoring approaches that employ an automated approach do still rely on some level of human intervention. This ensures that:

The scope of transaction monitoring is monitored

The systems and the rules in operation are monitored and updated

The potential issues identified are reviewed regularly

Legal and regulatory requirements are fulfilled

Reporting is provided to senior managers and regulators

Assurance activities that are proportionate to the scale and complexity of the organization are undertaken regularly

As a result, each firm must identify and document the correct transaction monitoring approach for their business. Although the right approach for you will depend on transaction volumes, time pressures, and regulatory requirements, it’s important to note that culture, education, and training are all keys to preventing financial crime.

AML transaction monitoring red flags and what to avoid

The AML red flags your financial institution will need to look for will largely depend on the nature of your business. However, red flag indicators can include:

When assessing your client, certain behaviors or requests may prompt you to make further enquiries. These include:

The client has changed advisors several times on short notice without providing a reason

The client has chosen an advisor who is geographically distant from the transaction

The client is asking for shortcuts or an expedited process

The client is vague about other parties in the transaction or who has legal ownership of something

The client has known convictions for crimes related to money laundering

The client seems to lack knowledge about the subject

On occasion, the source of the client’s funds may raise questions in your mind. Red flags include:

A significant amount of funding is coming from a private party without a connection to the client

The amount of funding provided by someone is inconsistent with their socio-economic profile

Finance is provided by a lender and there is no economic justification for this

A large sum of money is being provided in cash

Finally, if you’re dealing with a business, then the way this business is structured may also present concerns. You should be concerned if:

The ownership structure of the business is overly complicated

The business transaction involves countries where there is a high risk of money laundering

You have reason to believe false or suspicious documents are being used to back the transaction

This list is by no means exhaustive, and the exact red flags you’ll need to look for will depend on the nature of your business. You should also be aware that one red flag may indicate that you need to make further enquiries with your client or customer. If several red flags are present together, without reasonable explanation, then this may indicate a larger issue. 

AML transaction monitoring tools and software

Transaction monitoring tools and pieces of software are the most effective way of helping institutions fight financial crime and comply with AML and CFT regulations. They can also provide evidence to regulators, auditors, and other stakeholders about your company’s efforts to stop financial crime.

By automating your processes, you’ll be able to show regulators that you take financial crime seriously. 

With our solution, you’ll be able to verify new customers in six seconds. You’ll also be able to verify 95% of your customers on the very first try. This means there’s no reason to leave your honest customers waiting.

Interested in learning more about how you can fight financial crime? Our full-stack AML and KYC solution is the perfect tool for the job.

Discover more about how we can help you by booking a demo today.

The actual process of monitoring transactions depends on the services your business provides. However, generally speaking, in order to monitor financial transactions, a company will create a rules-based system that’s based on their needs.

A blog about AML transaction monitoring and how to prevent criminals from money laundering through your organization. 

Supported languages

Want to learn more?

We're certified

Want to learn more?

Veriff obtains ISO 27001 certification

Caroline Mogford joins Veriff as Chief Marketing Officer

What is AML transaction monitoring?