Rich data set combined with powerful technology helps reduce false positives
Business insights expert Equifax and BAE Systems, cyber security and anti-financial crime specialists, are launching the Equifax Watchlist Check to help companies fight money laundering and terrorist financing.
The real-time solution screens worldwide data to support compliance with the Fourth EU Money Laundering Directive. EU member states are required to implement the directive by mid-2017 and the associated regulation applies to any company providing financial services.
By combining the data expertise of Equifax with BAE Systems’ NetReveal® service, companies of all sizes can access institutional quality financial crime solutions cost effectively. New and existing customers are accurately screened against the Dow Jones Watchlist, which includes lists of sanctioned individuals and entities, politically exposed persons (PEPs), relatives and close associates, and special interest persons and entities.
To improve operational efficiency, multiple known data elements are used such as a customer’s date of birth, country of residence and nationality. This helps improve accuracy and minimise the number of both false positive and negative matches. The solution can provide a full report for any identified candidate matches, enabling companies to undertake a complete review and determine the appropriate action required. Strength of matching is expressed as a percentage so that cases can be prioritised efficiently.
John Marsden, Head of Fraud and Identity at Equifax, said: “Fighting financial crime is a top priority for regulators. If companies can’t evidence that they have the right checks in place the implications can be huge – the multi-million pound fines we’ve seen prove this. Using Equifax Watchlist Check helps companies meet their regulatory requirements and improves efficiency, particularly as the reduction in false positives avoids unnecessary time consuming investigations. For sanctions alone, our solution checks 900 lists in 60 jurisdictions – the sheer volume of data means it’s essential for companies to have the right technology on board.”
George Robbins, VP EMEA at BAE Systems Applied Intelligence, said: “Companies must prepare now for the incoming Fourth EU Money Laundering Directive, and the scope of the directive means that more sectors than ever are impacted. Criminals are smart, but this solution helps companies stay ahead of them. Working with Equifax means that we can bring our proven expertise to a broader range of companies, and provide them with flexible solutions tailored to their risk management requirements.”