Equifax’s ID Authentication Services to Help Standard Life Address Anti-Money Laundering Regulations
Leading authentication services provider Equifax has been awarded a contract with Standard Life to provide electronic Know Your Customer (KYC) checks for all its new customers. The partnership, which embraces Equifax’s eIDverifier, will enable Standard Life to meet the very latest anti-money laundering guidelines regulated by the Financial Services Authority (FSA). This important contract win confirms Equifax’s position as a leader in the provision of anti-money laundering solutions.
The FSA regulates the financial services sector ensuring that the JMLSG anti-money laundering guidelines drawn up by the industry are put in to practice. December 2002 saw the first heavy fine imposed by the FSA on a leading retail bank for failure to meet all of those obligations. The guidelines help ensure that all companies regulated by the FSA adopt risk-based controls over whom they take on as new customers. The primary aim is to clamp down on money laundering activities in the UK by requiring companies to confirm the identity of their new customers. The JMLSG Guidelines also require that companies continue to invest in the introduction and enhancement of automated transaction monitoring systems and operational processes in order to detect suspicious transactions and new money laundering techniques.
Standard Life chose to implement Equifax’s eIDverifier because its innovation gives it the capability to play a central role in helping the company comply with the latest regulations. Standard Life offers a range of financial products to consumers and eIDverifier’s flexibility, combined with its uniform approach, made it the ideal choice for the company’s requirements.
“ With increased industry emphasis on money laundering and identifying clients, we are required by the FSA to demonstrate ‘due diligence’ that we check Identification Certificates submitted by IFAs,” explains Andrew Searle, Investigation & Money Laundering Reporting Manager, Standard Life. “The Equifax on-line verification system provides us with a ‘real time’ client identification check that can be done quickly on-line and effectively support our record keeping procedures. But it is important for IFAs that they continue to conduct their own checks and submit Individual and Company Identification Certificates to ensure that they fulfil their own money laundering requirements.”
Sue Woods, Head of Anti-Money Laundering Solutions, Equifax comments, “This new contract with Standard Life is a direct reflection of the calibre of the anti-money laundering solutions Equifax has to offer. Standard Life chose Equifax after piloting a number of services. The company was particularly impressed with the daily support provided by our customer services team, as well as the integrity of our anti-money laundering solutions.
“eIDverifier is an online consumer identity authentication tool, which will save Standard Life considerable time and effort conducting KYC checks, when compared to the traditional way of collecting and storing documentary evidence. This is backed by the long-standing experience Equifax has of successfully authenticating more than one million consumers using eIDverifier. Equifax continues to lead the way in providing a full range of anti-money laundering solutions, for both KYC and Reverification, which are proving to be an invaluable tool for banks and lenders as they address the growing threat of money laundering.
