Due to an increase in fraudulent activity by businesses attempting to operate out of virtual offices, the market for flexible office space is today subject to increased regulatory scrutiny – both from Money Laundering Regulations and locally from the London Local Authorities Act. Lack of compliance can result in stiff penalties, including fines and imprisonment for company directors. As the number one provider of flexible office space, Regus wanted to take proactive steps to protect its brand and wanted best of breed solutions.
For Regus, it was important to be able to find a single-source supplier for due diligence checks, on both individuals and companies, combining results from multiple sources, with efficiency and accuracy being key, whilst maximising operational efficiency. Regus chose NorthRow as the only supplier that could meet all of their requirements in terms of verifying data for individuals and identity documents, in real-time. NorthRow was able to quickly and effectively identify risk factors before Regus committed to onboarding clients, and was also able to improve operational efficiency.
“As the world’s largest provider of flexible work spaces we needed to implement a robust customer on-boarding solution that would be fast enough to meet customer demands but also secure enough to ensure that all compliance requirements were met or exceeded. By partnering with NorthRow, we have achieved exactly this.”
Michelle Valentine UK Operations Director, Regus
How Did NorthRow Help?
To reduce Regus’ IT costs and project duration, the NorthRow team created a tailored solution, which includes a customised application form which integrates directly into Regus’ systems. For example, when running background checks on a Sole Trader, the system requires only an individual’s details while for a Limited Company, details for all beneficial owners must be declared. The form calls the NorthRow API and the Regus team monitor the results in the management console, with options for enhanced due diligence if required. NorthRow’s system risk scores applicants and deliver a clear traffic light- colour coded set of results – Pass, Refer and Fail. At the back end NorthRow continues to refine the systems, working closely with the BCA (Business Centre Association), law enforcement agencies and regulators.
NorthRow works closely with a variety of trusted data providers including law enforcement and credit reference agencies. The company’s systems include information sharing from multiple sources to help clients to see the bigger picture. By incorporating shared intelligence from multiple sources, including trade association alerts, NorthRow helps clients to benefit from best-of-breed protection against fraudulent applicants and is able to clearly demonstrate commitment to the highest standards of integrity, compliance and professionalism across its business.