Regulation

Complying with the UK's stringent, ever-changing Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines can feel tough at times, especially in an evolving digital landscape and with departmental budgetary constraints. But with a customisable toolset, you can still develop good governance and risk quantification at a price you can afford.

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Regulation

Find out how Experian can help provide affordable AML and KYC solutions throughout your organisation by clicking on the titles below… 

Due diligence checks to verify customer identities are essential in any organisation covered by money laundering regulations. Not just because such checks are required by UK law, but because they protect your business from investing in bad credit risks and the financial losses they often bring. Worse, serious breaches could lead to reputational damage, significant fines and even prison terms…  

Affordable and quick ID checks

Sometimes enforcing the rules is only half the battle. Getting business buy-in to combat an invisible threat isn’t always easy, especially if verification methods disrupt the onboarding process. Thankfully, customer ID and address checks can now be done by cross-checking data against reputable online sources. This means that, in most cases, the customer doesn’t need to supply documentary proof, making the ID check experience easier for them while remaining thorough and affordable for you.

Off-the-shelf or bespoke solutions

Depending on your budget and needs, you can tailor some authentication packages so that you only pay for those elements you need. Experian’s Authenticate, for example, can be supplied in a simple, generic form or delivered as a fully customised solution. This enables you to decide which of Experian’s data sources are most relevant to your products and how best to use them. 

UK and international checks

If you’re operating in the UK and overseas, it’s important to ensure that your international customers also comply with KYC regulations. If this sounds like your setup, then Experian’s ProveID may be right for you. It offers access to one billion searchable records from premium data sources from the UK and around the world.

IT-free options

At times, slotting in KYC checks can produce resistance from IT managers, particularly if they’re already managing a full project workload. An online solution that offers direct access or integration options is ideal in these scenarios. Experian’s ProveID offers a flexible way of ensuring you’re covering your KYC obligations without impacting existing business infrastructure.

A simple measure of trust

Having great ID and fraud tools is fine, but if their results are hard to interpret then you’ll struggle to quantify risk. That’s why Experian Authenticate uses a clear index value to summarise the degree of confidence you can have in its findings. It also uses your chosen data sources, desired level of ID verification and decisioning strategy to furnish you with a clear outcome. This includes an overall authentication decision along with any risk factors it finds and confirmation of where address matches have been found.

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