COMPLIANCE & RISK FRAMEWORK
This is the compliance system behind every payment: export-control classification, screening and an immutable audit trail. Licensed money movement will run on Clear Junction, an FCA-authorised EMI with which Verax is completing agent registration under regulation 34 of the Electronic Money Regulations 2011. Verax holds no client funds and takes no crypto custody.
Scope. Verax provides compliance, AI and software only. The framework runs today against a synthetic dataset while we prepare a private pilot with design partners. Regulated payment services are provided by authorised third-party partners under their own permissions.
Multi-layered risk-based approach
A four-step risk-based approach (RBA) aligned with MLR 2017, JMLSG guidance and UK export-control law. Because we serve importers of dual-use goods, classification against the UK Strategic Export Control List sits alongside AML — every entity and every invoice passes through these steps before a payment can clear.
Identity & Corporate Verification (KYC/KYB)
- Automated extraction of corporate registry data (Companies House, North Data).
- Biometric liveness checks for all Ultimate Beneficial Owners (UBOs) holding >25%.
- Verification of corporate structure and proof of active status.
Global Sanctions Screening
- Real-time cross-referencing against UK HMT, OFAC, EU, and UN sanction lists.
- PEP (Politically Exposed Persons) screening and adverse media checks.
- Hard exclusions: Russia, Belarus, Iran, North Korea and Syria are blocked outright — in the agreement, the AML stack and our articles of association.
Dual-Use Classification (SPIRE / OGEL / ECJU)
- AI agents read the invoice and map the goods to the UK Strategic Export Control List (HMRC SPIRE / OGEL, ECJU).
- Documentary evidence (invoices, specs, end-use) is captured to support the classification and licence position before funds move.
Continuous Transaction Monitoring
- AI-driven agents monitor post-onboarding activity for anomalies.
- Automated freezing of processing upon detection of suspicious patterns (structuring, velocity spikes).
Make your supplier payments provable
If you import dual-use or export-controlled goods into the UK, we will show you how classification, screening and the audit trail work on your own invoices.