What checks does Shieldpay need to do?
Fraud in the UK remains a constant threat and one we take very seriously. We built Shieldpay to protect customers from potential fraud.
Shieldpay as a financial services firm is required to comply with anti-money laundering laws and regulations in the UK. We will need to carry out bank account verification and screening on all claimants before sending funds to comply with Anti-Money Laundering regulations.
We use third party data providers and have developed processes that are in line with the UK regulatory requirements. Your data will not be shared with any third parties other than those that we use to undertake our due diligence checks. As part of our agreements with the firms we use for this service we have appropriate data protection controls/agreements in place to protect your personal data. The firms we use for these services are registered with the Information Commissioners Office and must comply with the relevant UK data protection rules.
If you do not pass our electronic verification, you will receive an email requesting further information from you to validate the ownership of the bank account, i.e. bank statement.