IFAs 'easy targets' for money launderers

Figures released earlier this year found identity fraud is up 66% on last year making it one of the fastest growing crimes in the UK. In line with anti-money laundering regulations introduced in December 2007, IFAs must verify their clients’ identities. However, with fake documents including passports sold for as little as £250 and without the use of electronic identity checks, there is no reliable procedure to determine an authentic document from a fraudulent one. Malcolm York, sales and marketing director at IDYourClient.com, warns: “IFAs may be unwittingly helping to launder money ...