Equifax has launched Equifax Company Essentials, a business status report tool, to assist financial service providers in identifying potential money laundering.
Equifax has launched Equifax Company Essentials, a business status report tool, to assist financial service providers in identifying potential money laundering when working with businesses. Fraud is a significant risk for all kinds of businesses, Equifax says, but money laundering is particularly damaging. Money laundering is a method of ‘cleaning’ money, erasing traces of its origins, thereby disguising and hiding the fraudster’s criminal activities. The Money Laundering Regulations were passed in 2001 in an attempt to combat the problem and imposed a new responsibility on finance providers. Companies which fail to take the appropriate precautions against money laundering risk legal penalties and fines as well as the loss of business credibility and reputation if a company fails. By using Company Essentials, financial service providers can conduct their business safe in the knowledge that they are taking a proactive step in line with the FSA (Financial Services Authority) guidelines for money laundering. The Company Essentials report will establish the legal identity of a subject company – its registered name and address and date of incorporation – as well as information on any County Court Judgments and unsatisfied mortgages and charges. Details of a company’s directors and its latest shareholders are also included to help accurately identify and verify new or old businesses.
What they say
Michael Shannon, Executive Vice President and Managing Director, Equifax Europe, said: ?The legislation, focused on banks, building societies and insurance companies, provides mandatory protection from financial fraud. The financial industry now has to make sure that it operates utilising best practices and takes steps to prevent fraud, especially when dealing with companies. Company Essentials has been developed by Equifax to help the financial industry reduce the risk of aiding money laundering activities. Money launderers are using increasingly sophisticated techniques with the help of technology that offers increased speed and anonymity. Domestic banking is at increased risk due to the large volume of smaller scale cash deposits they handle. And developments in Internet technology have led to an increase in the use of offshore financial centres. Equifax is committed to the fight against fraud and Company Essentials is an important tool to help companies fulfill their key role in this issue. By creating a means of sharing information, Equifax is uniting the finance industry and making it increasingly difficult for money laundering to succeed. The Company Essentials report provides a convenient, fast and efficient way of confirming the legal identity of a company together with the details of its directors, thus limiting the routes open to money launderers.”
Equifax has been awarded a five-year contract with the United Kingdom Passport Services (UKPS), for the introduction of an enhanced ID verification process for passport applicants. In the fight against identity theft, a problem which is costing the UK economy a staggering œ1.3 billion each year*, the Government’s joining forces with Equifax will significantly increase confidence in the identification and validation of individuals applying for UK passports, according to Equifax. Visit www.equifax.com
