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Virgin gets compliant with Experian money laundering system

15 August 2002  |  5379 views  |  0 Virgin gets compliant with Experian money laundering system

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.

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