Lloyds TSB Commercial Finance is implementing technology from US-based OneSource Information Services to enable staff to conduct 'know your customer' (KYC) checks on new clients as required by the Proceeds of Crime Act.
The bank will use the professional and financial services edition of the vendor's Web-based Business Browser UK service as a prospecting tool and to conduct KYC checks.
The system will provide staff with access to company profiles, news, business and trade articles, research reports and stock price data on 400,000 public and private UK companies. The vendor says Business Browser will help managers at the bank perform an initial check on the individuals associated with prospective clients.
Richard Daley, sales director for corporate business at Lloyds TSB Commercial Finance, says it's more important than ever for the bank to fully appraise and understand the businesses it is lending to: "We have to look at a spread of current and historical company information, quickly understand a company's performance and management, and make an accurate assessment of the potential relationship."