UNIQUE SOLUTION FROM EQUIFAX GIVES REGULATED BUSINESSES MORE PROTECTION FROM MONEY LAUNDERING
London 28th January 2008 – Equifax, the leading consumer and business information specialist has developed a revolutionary new solution to provide regulated businesses with greater protection from money launderers and ensure compliance with the more stringent anti money laundering regulations now in force. Equifax AML Online Blended provides a unique combination of information on businesses and their directors and shareholders. Accessible online, it gives organisations of all sizes the highest level of protection against the financial, legal and regulatory threats presented by money launderers.
“It is vital that businesses follow the right processes to avoid violating the Money Laundering Regulations or the Proceeds of Crime Act” confirmed Neil Munroe, External Affairs Director, Equifax.“ If an organisation cannot prove that they have done everything necessary to validate a business with whom they deal, and its directors and shareholders, they could face severe financial penalties and legal implications, as well as incur losses through fraud”
To address the need to be able to verify individuals as well as businesses, Equifax AML Online Blended accesses Equifax’s consumer and commercial databases comprising records on over 1.5 million companies and more than 45 million consumers. Providing over 30 separate anti-money laundering checks to verify ‘proof of existence’ and ‘proof of identity’, the system is updated daily from a wide range of sources.
Furthermore, Equifax AML Online Blended goes beyond simply helping businesses when making decisions about new clients. It also keeps companies updated with changes to their existing clients through alert notifications which can highlight potential risks such as dissolved companies, overseas ownership and presence on deceased and fraud databases, giving organisations vital warning of possible threats.
“Equifax AML Online Blended is a flexible solution enabling businesses to make informed decisions and avoid financial and legal penalties” confirmed Neil Munroe. “Quick and simple to set up and easy to use online for instant verification, it will help regulated businesses of all sizes to comply with the latest money laundering regulations. As importantly, it will ensure that the financial security and reputation of an organisation is not tarnished by unwittingly being associated with fraud.
”Equifax is at the forefront of innovative identity verification tools and Equifax AML Blended is the latest product available to protect businesses from legal and financial loss presented by fraud and money launderers.”
ENDS
For further press information please contact: Wendy Harrison, Margot Tomkinson or Linda Pearson at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: wendy@harrisonsadler.com
About Equifax
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 6,900 people in 14 countries through North America, Latin America and Europe. Equifax 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.
Equifax. Information That Empowers.
