Callcredit helps Fyshe Horton Finney, and companies like it, to comply with new anti-money laundering legislation.
The Leeds-based stock brokerage firm has signed up to use CallML, an online identity verification service, developed by credit reference agency Callcredit. CallML enables users to confirm identities in seconds – 24 hours a day, 7 days a week, which are now a legal requirement as part of stringent new anti-money laundering legislation, which came into force on March 1.
CallML is a proven web-based solution, recognized by the FSA and already widely used by banks, building societies and other credit institutions that have been required to verify customer identities for some time under previous money laundering legislation, said a spokesman for Callcredit.
To confirm an individual’s identity, CallML uses a wide range of approved and independent data sources, including the full Electoral Roll, financial data plus various other datasets. 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, the company said.
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, according to the company. A totally flexible solution, CallML gives users the option of setting their own pass/fail parameters.
“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,” said Callcredit’s compliance manager Beverley Dewhirst. “CallML is a cost-effective, easy- to-implement solution that takes away all the worries.”