Press Release

EQUIFAX ENHANCES ID VERIFICATION SOLUTIONS FOR ANTI-MONEY LAUNDERING REGULATIONS

New data sources and automated processes added to reduce cost of compliance

London, June 2008 - A recent review by the FSA* highlighted that The Money Laundering Regulations 2007 explicitly enshrine in UK legislation the concept of the risk-based approach to anti-money laundering (AML). This approach is relevant not only to the way firms discharge their legal obligations in the area of customer due diligence, but also to the way supervisors monitor their firms. The Government has made clear that it regards the risk-based approach to AML as essential to the effective and proportionate functioning of the UK's AML regime.

In response, leading anti-money laundering service provider, Equifax, has introduced a number of enhancements to its already highly effective anti-money laundering (AML) solutions.

Available online and benefiting from extensive consumer databases, Equifax's AML solutions allow regulated organisations to verify the identity of new clients quickly and effectively. A key enhancement is the facility of an automated pass or fail recommendation, that can be set according to the level of risk involved. Increased levels of flexibility in the service also allow an organisation to choose which checks to carry out, enabling a truly risk-based approach to AML compliance which doesn't compromise a business' customer service standards or business performance.

In addition, the Equifax AML solutions now benefit from additional data sources in response to recommendations from the FSA suggesting that organisations place increased focus on tackling the threats presented by money launderers, and terrorist financers...Access to data from the Royal Mail Redirection service and the Office of Foreign Asset Control, which is a US held list of individuals against whom there are financial sanctions in place, has been added to the Equifax AML services. The presence of an applicant on either of these databases would be highlighted to the user as an alert, enabling them to make further enquiries to verify the customer's identity.

"Ease-of-use and interpretation, flexibility and transparency of data are all critical to efficient and effective AML compliance" confirmed Neil Lewis, Head of ID & Fraud Products, Equifax. "And the recent enhancements to Equifax's AML solutions ensure that all regulated businesses can meet these requirements, including adoption of risk based solutions, regardless of their type or size.

"The enhancements to Equifax's AML solutions are designed to make it easier than ever for FSA regulated business to avoid the penalties of non-compliance. We deliver comprehensive solutions that can be easily scaled according to risks, both in terms of what checks are carried out, and what pass thresholds are set. Our AML solutions help ensure that an organisation is doing everything required to protect the future of their business."

http://www.fsa.gov.uk/pages/About/What/financial_crime/pdf/amlsf_mar08.pdf

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For further press information please contact: Wendy Harrison, Cecile Stearn, Margot Tomkinson or Jenny Staniforth at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: cecile@harrisonsadler.com