Thirdfort's liability policy
Many regulators are recognising the benefits and encouraging the use of appropriate technology in customer due diligence. We believe our product combines the best data providers, security protocols and anti-spoofing methodologies to protect professionals against fraud and money laundering. However, no data provider (e.g. Experian) or KYC solution (including Thirdfort) is 100% accurate. This means there will always be a degree of risk associated with any KYC/AML verification and this will need to be managed by the professional who uses a provider for customer verification as part of their risk-based approach.
Ultimately, the professionals regulated under the anti-money laundering (AML) regulations will always remain responsible for making sure that any client due diligence carried out is adequate. The professionals should always review the outcome of the KYC checks alongside other information they have on the client or matter in line with their internal processes and risk-based approach. Under the regulations, it is not possible for the regulated professionals to ‘outsource’ such obligation or any associated liability by using any third party AML service provider to help meet those regulatory requirements.
We strive to provide our services in a way which is appropriate for our clients to meet their customer due diligence requirements. Thirdfort also has agreements in place with all of our key suppliers with the same or similar commitments in place. In the event where Thirdfort’s services have led to any loss or damage, such loss or damage would be assessed on a case-by-case basis, and the apportionment of the contractual liability between all parties involved would be determined depending on the facts. However, this does not remove the regulated professional’s responsibility of meeting AML regulatory obligations set out above.
Need more help?
Check out the other articles in this section: Data protection, billing and liability
These articles should answer most of your questions. However, if you have any further queries please click the blue button in the bottom right of your screen to talk to a member of the client support team.
Furthermore, should your client have any queries about the process, our dedicated customer support hub will provide the answer to many of your client's questions. From here they can also chat directly with one of our consumer support team who can provide real-time help and assistance.