Growing concern over the threat of money laundering and identity fraud has highlighted customer authentication as a hotspot for financial service regulators. The FSA already provides clear anti-money laundering guidelines to many organisations in the finance sector, controlling how they process customers. However, the Money Laundering Regulations 2007, which come into force on December 15th, are broadening the regulatory microscope. As well as FSA regulated businesses, they will incorporate more industry sectors including casinos, legal firms, estate agents and accountants.
Before entering into a business relationship with an individual, organisations must now confirm identity as part of "Customer due diligence".
Experian's Authentication Solutions can help you comply, with minimal interruption to your customer acquisition process.
The instant electronic identity check verifies and validates that the individual is who they say they are. The data is then screened against sanctions data to check that the individual is not a politically exposed person or has a known history of money laundering. An electronic audit trail is provided for compliance purposes.
For more information and to download Experian's Authentication Solutions brochure, please complete your details below: