AML Checks are identity checks, not credit checks or searches.
They will not impact your ability to take out credit at a later time.
Key Information
Pulse (our accounting system) must identify users to HMRC under the Proceeds of Crime Act 2002, the Terrorism Act 2000, and the Money Laundering Regulations 2017 (collectively, “Anti-Money Laundering Legislation”).
These laws prevent financial crime by requiring due diligence checks—traditionally completed by accountants or bookkeepers. However, because Pulse automates tax return submission, our system performs these identity verification checks programmatically, acting as a processor rather than a traditional advisory firm.
Failure to comply with this legislation carries serious consequences, including potential criminal liability for both MalgraBooks and our users. To meet legal obligations, our system must verify your identity during onboarding.
We may also request additional information at any time, such as evidence of identity for third parties, proof of funding sources, or documentation of property and asset ownership.
What information do I need?
We use a third party provider to check identities, which involves a short process where you’ll be asked to upload photos to confirm who you are. This may also involve taking a selfie, or additional security steps.
Our provider will then run anti-money laundering checks on your, and record findings using the latest data and using various Government services to confirm your identity.
This can all be carried out on any modern smartphone, and usually takes less than 5 minutes to complete the process. It can then take up to 72 hours to process and finalise the decision making process.
Our systems may need to re-run these checks periodically to ensure that no changes have happened, and we’ll let you know if we need any further information.
Important Information
We always assume that all of our members are honest and law abiding. However, should any member of our team have grounds to suspect that a crime is being committed, we are obliged to make a report to the National Crime Agency (NCA).
We are prohibited by legislation from telling you that we have done this. In such circumstances, we cannot offer any further services for you without consent from NCA.
‘Criminal property’ is money, property, other assets, rights or any benefit derived from criminal activity. Activity is considered ‘criminal’ if it is a crime under UK law, no matter how trivial.
Tax evasion is a criminal offence but an honest mistake is not.
It does not matter who carried out the criminal activity. Even if you are honest in your dealings, if anything represents a benefit from someone else’s crime, we must still make a report.
Disclaimer: We will not be liable for any loss suffered by you or any third party as a result of our compliance with the Anti Money Laundering Legislation or any UK law.