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Current Customer Review
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Working with Experian
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One of the objectives of The Financial Services Authority (FSA) is the prevention of economic crime. This includes money laundering. The FSA have set out their high level expectations of firms procedures to prevent money laundering. The detail of how firms should
respond, at an industry level, is set out in the Joint Money Laundering Steering Group (JMLSG) Guidance Notes. A key part of any anti-money laundering profile is confirming the identity of customers.
On 15 July 2002, six major UK banks issued a joint statement of principles for fighting the financing of crime and terrorism. The six banks making the announcement stated that they are committed to undertaking a major anti-money laundering initiative to
re-confirm the identities of their existing customers (regardless of when they became a customer) and the Current Customer Review (CCR) initiative began.
A further commitment was to make on-going improvements in this area, and achieve high standards of identification for customers.
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In response to this announcement, other financial service institutions were encouraged by the FSA to follow the example of the six banks. The FSA have initially sought plans from other high street institutions and have indicated that a consultation
document will be issued in May 2003, reflecting their requirements in other industry sectors. Clearly this initiative will affect most if not all firms with a requirement to identify their customers.
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