Source: GB Group
One of the world's largest currency exchanges, HiFX, has appointed identity specialist GB Group to protect against money laundering and fraud - and speed up the process of customer verification.
HiFX is now using GB Group's web-based ID3 technology to verify the identity of customers around the world before they use its foreign exchange services.
GB Group's technology powers services called URU and ID3 Check, which together can confirm the identity of more than 800 million individuals in 26 different countries within seconds - avoiding the need to use time-consuming, manual identity checks.
The services are designed to prevent money laundering under false identities and ensuring compliance with the FSA's anti-money laundering guidelines. They also give HiFX a robust audit trail, as well as providing additional consumer data that can be used for wider marketing and retention activity.
HiFX serves 160,000 private clients annually as well as more than 2,500 corporate clients - and last year alone, the company advised and executed over £20 billion in foreign exchange.
John Horan, group money laundering reporting officer for HiFX said: "Our current size, along with our aggressive global growth plans, means that we need to choose partners that are ahead of the game.
"GB Group's URU and ID3 Check services strike the perfect balance between risk prevention, compliance and commercial viability.
"Ours is a business of immediacy - the currency market changes within seconds. We need to be able to process over 4,000 instant requests from new customers every month using technology that is easy to use and which accurately and quickly identifies people so that we can reduce the need to request additional identification paperwork.
"Since implementing URU and ID3 Check, we have reduced our customer account opening times significantly. In addition, match rates are so good that the volume of people who need to produce additional proof of identification has fallen.
"As well as providing us with the identity verification framework we need now, GB's services can be used in those territories where we intend to expand - including countries that may becomme regulated under their respective anti-money laundering and counter-terrorism regimes."
GB verification technology is now used by more than 180 organisations in the UK including four of the top five banks, major high street and retail companies and over 80 per cent of licensed online gaming companies.
Chris Henry, head of foreign exchange services at GB Group, said: "It is essential for businesses that deal in foreign exchange to be sure of the identity of their customers to avoid the service being used for criminal purposes.
"Using ID3 Check and URU, HiFX is benefiting from maximum customer uptake, as well as peace of mind through protection and is able to gather accurate customer information that can be used for strategic marketing campaigns and product development."