Online Service Delivers Customer Identity Verification Instantly and Cost-Effectively

29 January 2004

Callcredit helps a widening range of businesses comply with new anti-money laundering legislation

Lawyers, accountants, estate agents, financial advisors and insurance companies are among a raft of organisations that must now introduce new customer identity checks as part of stringent new anti-money laundering legislation, which comes into force from 1st March 2004.

To meet their needs, credit reference agency Callcredit has developed CallML, an online identity verification service, which won't slow down new customer processing. It is cost-effective, easy-to-implement and enables users to confirm identities in seconds - 24 hours a day, 7 days a week.

CallML is a proven web-based solution, recognised by the FSA and widely used by banks, building societies and other credit institutions that are already required to verify customer identities under existing money laundering legislation.

CallML uses a wide range of approved and independent data sources, including the full Electoral Roll and financial data plus various other datasets, to confirm an individual's identity, enabling users to reach a decision instantly, with confidence and certainty. CallML can be used to enhance a company's risk based approach to customer verification.

The system also conducts 'negative verification' against a range of data sources including the Specially Designated Nationals file, the Politically Exposed Persons file and the Terrorists file.

Users simply enter their customer's personal details and details of approved identity documents that have been supplied. CallML immediately produces a pass or fail report detailing which data sets were used for identification and which provided confirmation of identity.

A totally flexible solution, CallML gives users the option of setting their own pass/fail parameters.

Callcredit's compliance manager Beverley Dewhirst commented:

"Verifying the identity of new customers with the confidence that your company has complied with all the requirements of money laundering legislation is a key concern to all Money Laundering Reporting Officers. Non-compliance can lead to hefty fines as several leading banks have already discovered to their cost. "

CallML is a cost-effective, easy- to-implement solution that takes away all the worries.

For more information, contact Callcredit on 0113 2441555 or email HYPERLINK "mailto:sales@callcredit.plc.uk" sales@callcredit.plc.uk

For more press information contact:
Steve Clark, Peter Downey or Daniel Kennedy at Source Marketing Communications,
Tel: 0113 380 1644.
Email: steve@sourcemc.co.uk, peter@sourcemc.co.uk or daniel@sourcemc.co.uk

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