STANDARD LIFE CHOOSES EQUIFAX TO COMBAT MONEY LAUNDERING
Equifax Automated ID Authentication Services Help Standard Life Address Anti-Money Laundering Regulations
London, January 13th 2005 - Equifax, a leading provider of authentication services, has been awarded a three-year contract with Standard Life to provide an electronic system for anti-money laundering ID checks for all new customers. Standard Life will use Equifax's market leading Decision Navigator, a powerful automated decisioning system with the capability of processing thousands of new account applications in seconds. This new contract builds on the success of Equifax's relationship with Standard Life, helping to address the latest anti-money laundering legislation.
Andrew Searle, Investigation & Money Laundering Reporting Manager, Standard Life comments: "At Standard Life we need to ensure that we are compliant with anti-money laundering legislation whilst at the same time being expedient and efficient with our customers. Equifax's Decision Navigator ensures that we meet these requirements."
Decision Navigator enables regulated companies to control both the data and anti-money laundering policy rules used in electronic ID checks on a portfolio basis. Furthermore, it provides an archive of all ID checks with a comprehensive audit trail of how each decision is made. The flexibility of the system provides the client with full control over security and policy rules changes.
Neil Lewis, Head of Fraud Services at Equifax, comments, "This new contract with Standard Life is a reflection of the calibre of the anti-money laundering solutions Equifax has to offer. Standard Life chose Equifax after it demonstrated the strength of Decision Navigator, with its ability to be configured to adapt to ongoing changes to regulations, alongside the high quality and comprehensive range of data sources."
Decision Navigator is one in a series of Equifax anti-money laundering solutions, which have proven to be an invaluable tool for businesses as they address the growing threat of money laundering.
