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ARE YOU READY?

Equifax helps businesses comply with the 3rd Money Laundering Directive

London 1st November 2007 – The 3rd Money Laundering Directive comes into force on the 15th December 2007 and Equifax is urging businesses to make sure they’re ready for the change. The new Directive requires FSA regulated organisations to carry out checks to verify the identity of all business clients, irrespective of the time that they have been dealing with them. As a leading anti-money laundering service provider, Equifax recognises the challenges compliance creates and has developed a number of cost effective solutions to help businesses check and monitor their clients quickly and easily.

“Companies that fail to comply with the new regulations face substantial fines, loss of reputation and, potentially, a prison sentence,” explains Neil Munroe, External Affairs Director for Equifax. “Businesses need to act now to ensure they are ready and that they have systems and processes in place to ensure on-going compliance – without impacting on day to day business. Those that aren’t prepared stand to risk the future success of their business.”

Equifax’s AML Solutions provide businesses with some simple ways to avoid the penalties of non-compliance. Available online and benefiting from extensive business and consumer databases, Equifax’s AML Solutions allow businesses to verify the identity of new clients quickly and effectively and without jeopardising standards of customer service. In addition, monitoring services can alert to changes within a client’s business such as company name, shareholding and board members, ensuring information held is up-to-date and accurate.

Munroe concludes: “With more than just financial loss at stake, businesses can no longer stick their heads in the sand. Anti-money laundering solutions can help organisations reduce the cost of compliance by providing automated systems and processes designed to meet the specific needs of their business. Failure to comply will mean much more than a slap on the wrist, so now is the time to act.”

Contact Information

Equifax PR Team at HSL
Elinor Puzey/Louise Fowler/Cecile Stearn/Wendy Harrison
020 8977 9132 or 07850 372469
wendy@harrisonsadler.com