EQUIFAX MAKES ANTI-MONEY LAUNDERING CHECKS EASIER
Ahead of 3rd Money Laundering Directive Implementation
London 7th August 2007 – Equifax, the leading provider of anti-money laundering solutions, has launched a powerful new identity verification service which is designed to speed up anti-money laundering checks, whilst providing Money Laundering Reporting Officers (MRLOs) with the confidence that AML policies are being adhered to throughout their business. This initiative is being launched in advance of the implementation of the 3rd Money Laundering Directive, due for release in December 2007.
The new Directive will see a wider scope of organisations required to verify the identity of new clients before accepting payments, including estate agents. It will also see the monetary limit at which AML (anti-money laundering) checks need to be made dropped to €150. With this wider scope it is even more crucial for organisations to be able to conduct identity checks as quickly and efficiently as possible and the new initiative from Equifax, eDecision for AML, provides a highly cost-effective solution.
“Money laundering regulations require organisations to verify the identity of all new customers,” explains Neil Lewis, Head of Fraud & ID Products, Equifax. “But the challenge facing businesses is to comply with the latest regulations without compromising customer service and whilst maintaining high levels of control over their business’ AML policies. And this is even more of an issue as the scope of organisations affected is widened later this year – including estate agents as well as banks, building societies, accountants, law firms and those involved in money transfers.”
Equifax eDecision for AML uses accurate, robust and up-to-date information from Equifax databases to perform a range of automated checks to verify a customer’s identity. Furthermore, it allows the MRLOs within regulated organisations to set business-specific AML rules that can be applied consistently across all applications and adhered to across the business. It also enables users to store all their applications for future review and export the results data into their own internal customer databases.
“With the ability to check millions of records from a number of verified market leading data sources, eDecision for AML is a powerful new tool that will help MLRO’s to streamline, control, and monitor their AML processes.” confirmed Neil Lewis. “Equifax has a proven track record in the development of innovative identity verification tools using the highest quality data and eDecision for AML will help businesses cost-effectively take AML checking to a whole new level”.
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Notes to Editors
For further press information please contact: Claire Foster, Kate Clements or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email claire@harrisonsadler.com
About Equifax
Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses. We are one of the largest sources of consumer and commercial data. Utilizing our databases, advanced analytics and proprietary enabling technology, we provide real-time answers for our customers. This innovative ability to transform information into intelligence is valued by customers across a wide range of industries and markets. Headquartered in Atlanta, Georgia, Equifax employs approximately 4,600 people in 13 countries throughout North America, Latin America and Europe. Equifax was founded 107 years ago, and today is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX. .
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