A new web-based software platform will enable financial institutions and accounting firms to carry out due diligence tests on new and existing customers, helping the fight against terror financing and other money laundering activities.
Know Your Customer solution provider NobleStreet, has developed the software platform in conjunction with data providers LexisNexis and anti-money laundering experts.
It comes as Britain beefs up its financial controls to stop the flow of terror money into UK banks and other financial institutions – most recently seen in changes made to the regulation of Bureaux de Change.
The new software, called NobleStreet KYC Solutions, offers a systematic approach to assessing risk profiles, investigative capability and regulatory knowledge and can be used in single offices and large multinationals.
Users are charged on a fee per search basis, with a basic request to verify information about a client costing around Pounds 100 and taking between 24 and 48 hours. A full compliance search of a country such as China, where data is less accessible, could cost as much as Pound 3,600 and take up to 10 days.
Conservative economics spokeswoman Theresa Villiers described the tool as making a ‘positive’ and ‘constructive’ contribution to the fight against terrorist funding.
NobleStreet managing director Mike Burkhold said the crucial first step in money laundering prevention was the verification of the identity of customers and the source of their funds through ‘a thorough yet cost effective way’.
Burkhold claimed: ‘Implementing our KYC Solutions will enable subscribers to improve customer service, increase brand value and maintain image and reputation.
‘The better you know your customer, the better you can service them,’ he added. So far NobleStreet have signed up customers in 19 countries.
A report contained in the US International Money Laundering Abatement and Financial Anti-Terrorism Act launched last month put the value of the international money laundering industry at $6,000Bn (Pounds 4,120Bn) or between 2% and 5% of global GDP.
Links
Bureaux de change face new rules
Anti-terror measures made public