You probably spend a lot of time and resources carrying out customer due diligence, anti money laundering and know your customer checks. But if one of your business customers was hiding financial crime, how confident would you be that you could spot it?
There are lots of reasons why it can be difficult to pick up on fraud and money laundering. Often, businesses have complex ownership structures that make it hard to identify all beneficial owners.
You may be working with incomplete information or be unaware of changes to a customer’s profile or risk exposure, meaning it’s difficult to get an accurate view of customer risk. If you do miss something, you could face serious fines as well as delays, inconvenience and a negative experience for you and your customers.
Experian’s financial crime compliance solutions give you a more complete understanding of your business customers so you can better manage risk. We provide up-to-date reliable information allowing you to assess your customers quickly, accurately and consistently. Our checks verify corporate information, including:
- Company name
- Registered address
- Trading activity
- Financial information
- Adverse legal information
- County court judgments
- Risk measures
We also draw on further resources to help assess risks that may be specific to that businesses geography or trading activity. Our unique algorithm analyses the full corporate tree to identify all ultimate business owners with a shareholding equal to or greater than 10% even those who are really well hidden.
You can use our solutions throughout the customer journey to screen your existing portfolio for missing information, to verify information at the point of application and to monitor your portfolio for changes with customised alerts sent at regular intervals or in real-time.
There are two ways to access them:
- In batch for one-off remediation and monitoring
- In real time with Experian checks integrated into your own systems
However you work with us, our solutions let you reduce operational costs and meet regulation quickly and easily as well as have complete confidence in your corporate customers.
To find out more talk to your account manager or visit www.experian.co.uk/business-information today.