Fundervine will actively comply with AML regulations by seeking verified identity of project owners prior to projects being activated on the site. The documents will take the form of photo id (passport/driving license) along with verified address details (e.g utility bill). Once received our named Director (Kenneth Foster) will carry out background checks with our additional online verification system (FOOVP - see below) to complete this verification.
Our AML procedures officer is has trained using the hmrc guidelines at http://www.hmrc.gov.uk/mlr and is responsible for training any subsequent members of our staff who may be tasked with AML duties in the future. In particular we follow the guidance issued in the Anti-money laundering guidance for money service businesses at http://www.hmrc.gov.uk/mlr/mlr_msb.pdf
Fundervine Online/Offline verification process FOOVP
In addition to the above and because we do not meet our users face-to-face we will also comply with Regulation 14(2) of the Money Laundering Regulations 2007 by applying additional verification checks to mitigate the risk of impersonation fraud. These checks include: Internet sign-on where the customer uses security codes, tokens, and/or other passwords which have been set up during the application process and provided by mail to the named individual at an independently verified address.
We also recognise the list of high risk and non-cooperative jurisdictions highlighted by The Financial Action Task Force (FATF) and will not be making the platform available to people residing in the following countries:
In summary, all projects and individuals (project owners) are vetted using our ID verification methods. ID's are then checked using the FOOVP process. In terms of backers we allow a maximum investment sum of £1000 and only 1 investment per individual per project. In addition any one individual can only donate to a maximum of 15 projects within 6 calendar months.
We understand the importance of staff promptly reporting any suspicious activity to the nominated officer and the swift communication to SOCA (The Serious Organised Crime Agency) of any suspicious activities.