Helping you meet your Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations

'Knowing your customer' is imperative when reducing your exposure to money laundering and fraud in relation to new account applications and ongoing monitoring of member activity. To be compliant with AML legislation, satisfactory due diligence must be carried out to verify each member or 'beneficial owner' and transparent proof of these checks must be kept on file.

e-Verification* - robust protection against money laundering

CallML is an online ID verification tool which helps Money Laundering Reporting Officers (MLRO's) better identify suspicious account activity. It draws upon a wide range of independent data sources to perform a reliable and cost effective identity check. This includes the Electoral Register (also known as the full electoral register) and personal credit account performance data shared between UK lenders.

Our best practice solutions access a full range of positive, corroborative, negative and value added data sources to help you identify whether your member is:

• A Beneficial Owner
• A Politically Exposed Person (PEP) - Domestically or Internationally
• Presenting a Stolen Passport
• Listed on CIFAS for known Identity and Impersonation Fraud
• Subject to HM Treasury Sanctions
• On The Specially Designated Nationals List (OFAC)
• Known as Deceased
Subject to CCJs or Personal Insolvencies
• Plus many more…

CallML can be used to verify new applicants one at a time or to perform 'batch' checks for ongoing account monitoring  to help you manage your existing member base more profitably. It provides a clear 'pass' or 'refer' within seconds, enabling you to make decisions there and then, either face to face or remotely.

For members, it also reduces the hassle, risk and cost of sending important original ID documents by post if they have not been delivered by hand. Should it be required, CallML can also capture and verify paper documents, building further confidence in the identity check. It will also display their date of birth if it appears in the data.

Providing a transparent view of data held on each applicant

CallML automatically produces an AML Report which provides a full and transparent audit trail of the input and returned data variables as well as the decision and date. This can easily be printed or converted to PDF to file electronically on the system.

Taking e-Verification* to the next level

For leading edge Building Societies who wish to take their verification processes to the next level, CallValidate with Bank Enhanced can provide more in depth checks against our credit referencing database to confirm that the bank card and bank details are correct and that they match those of your member. These additional checks can prove invaluable when dealing with remote or high-risk members and can help highlight 'true' beneficial owners. They can also improve the direct debit switchover process by ensuring that the accounts given are actually theirs.

What's more, using CallValidate3D to strengthen the ID check, the user can choose a range of knowledge-based challenge and response questions based on the wide range of datasets held in the system to improve authentication, robustly proving a person is who they say they are. This might include using consumer credit data to question them about their bank accounts and recent banking activity for example.

*The use of e-verification is recognised by the Building Societies Association (BSA).


Verify individuals at a foreign address

If the applicant is from outside the UK, this doesn't have to impede the process. Our global verification tool, CallValidate International, can be used to instantly perform a residency check, helping you to detect and prevent potential fraud at the beginning of a relationship. It can be used to confirm the identity of an individual and validate their address and passport number using data from over 135 countries. In some markets, it can also corroborate details such as year of birth, telephone number, national ID number or social security number. Identification documents with a machine readable number can also be verified simultaneously, building further confidence in the ID check. It's available online 24 hours a day, 7 days a week, and 365 days a year and is suitable for authenticating clients either face to face or remotely.

To find out more about our Solutions for Building Societies, including identity verification and meeting anti-money laundering regulations, please contact us and one of our experts will contact you shortly.

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