With money laundering prevention and detection continuing to stay high on the agenda for both the UK government and the financial services industry, Equifax Plc has responded with additional enhancements to its range of electronic anti-money laundering solutions.
Equifax AML Online now provides an extensive range of checks on individuals, as well as businesses, for instant customer validation.
The addition of consumer data to Equifax AML Online means that it provides an immediate solution to address the latest Anti-Money Laundering regulations to confirm the identity of all new customers, giving instant access to an unrivalled combination of business and consumer data. Encompassing proof of residency checks, proof of identity checks and alert notifications, it can be accessed easily and conveniently through a single search, using rapid address matching technology. It also includes an innovative AML Profile, which summarises the number of validated checks on an individual.
"Designed to protect organisations that are dealing with individuals as well as businesses, Equifax AML Online gives organisations all-important protection from the threat of fines, and the adverse publicity associated with such action, if they do not adhere to the latest Anti-Money Laundering regulations," confirmed Sue Woods, Head of Equifax ID Services.
"It also provides the UK financial services sector with an unrivalled capability to help tackle the threats presented by money launderers and terrorist financiers. This is especially important since the introduction of the Proceeds of Crime Act, because money laundering is now seen as an integral part of all crime that is spreading across all areas of the UK economy – and being perpetrated by both businesses and individuals."
The new enhancements to AML Online include Forwarding Address flags, screening against Senior Political Figures and Sanctions lists along with Halo (Deceased) screening, all of which are vital for businesses to effectively confirm the identity of new customers.
The Equifax databases are updated daily with information from a wide range of data sources, including local councils, the courts, the UK credit industry, the Bank of England and the CIA, making the information the most accurate and up-to-date available.
"Businesses are under increasing pressure to operate with best practices through compliance with the latest Anti-Money Laundering Regulations and the Proceeds of Crime Act" concluded Sue Woods. "With the addition of consumer data, AML Online tackle these issues completely, providing an extensive range of checks on registered companies, directors and individuals, all easily and conveniently available through an online report.
"AML Online is a highly flexible solution, demonstrating Equifax's ongoing commitment to helping our customers protect themselves against money laundering and comply with regulations, securing the future of their business."