Virgin gets compliant with Experian money laundering system
15 August 2002 | 5448 views | 0
Virgin Money is using Verifier for Money Laundering (e-VML), a real-time online service from Experian to comply with 'know your customer' anti-money laundering rules.
The UK-based personal financial services group is using the e-VML system to check and authenticate the identity of new ISA and pension customers as part of the online application process. The company says it is automatically accepting between 83-85 per cent of applications for ISAs received online and remotely over the telephone without recourse to paper-based proofs of identification.
Kevin Tomlinson, money laundering reporting officer at Virgin Money, says: "The system has cut back on unnecessary paperwork and time-consuming administration allowing, us to focus on delivering real-time, online acceptance to our customers in a non-intrusive manner."
The e-VML solution from Experian accesses a range of data sources and fraud matching software to check the bona fides of applicants.