Companies that need to evaluate merchants, suppliers or customers must face the real threat of mistakenly acquiring customers that engage in identity theft schemes, money laundering or funding terrorism. To help these companies meet multiple Know Your Customer (KYC) and anti–money laundering requirements, Experian®, the leading global information services company, recently added Business Compliance InsightTM to its suite of fraud and verification solutions.
Performing KYC regulations on businesses and their owners to identify the possibility of shell companies, shelf companies and commercial identity theft can be exorbitant, both in cost and resources. Business Compliance Insight gives companies the access they need for fraud detection, regulatory compliance, supply chain management decisions and corporate security issues while optimizing efficiencies to manage budgets and ensure customer satisfaction.
“Our Business Compliance Insight platform is built to facilitate greater access to potentially harmful information, enabling our clients to more easily meet regulatory requirements while protecting their own reputation,” said Hiq Lee, president of Experian’s Business Information Services. “By enabling clients to have access to a reporting system that performs due diligence in an expeditious and cost-effective manner, we are delivering on our commitment to provide the innovative solutions that our clients need to successfully overcome fraud and regulatory compliance challenges.”
Business Compliance Insight is the only report that combines Better Business Bureau ratings and U.S. Justice Department news releases in the verification process. With a single point of access for preliminary reviews, lenders and insurers can run a report for Customer Identification Program verification and assess business financial stability. The report also includes associated businesses through phone number, Tax ID Number and address match. Through this report, possible regulatory watchlist matches and government sanctions for the business and business contacts will be identified, as well as potentially undisclosed beneficial owners and derogatory public records.
Experian’s fraud management solutions draw on the depth and breadth of multiple databases. The full suite of products now includes the following:
- Business Compliance Insight is an online business background report that identifies fraud, regulatory or reputational risks. It provides comprehensive insights into high-risk customers and supports account due diligence.
- BizIDSM assesses the fraud and regulatory risk of small businesses and business owners. It shows the probability of applicant fraud, flags high-risk conditions, enables automated customer identification, verifies beneficial owner identities, identifies repeat offenders, and assists in regulatory and Red Flags Rule compliance.
- Business VerifyTM is an online verification platform that supports single, batch and multi-user queries and locates and verifies hard-to-find small businesses. It streamlines the manual verification processes for fewer “no hits” results and provides data transparency from Experian.
“The driving force behind the development of Business Compliance Insight was a desire to ensure our clients have the best information at hand to reduce the time and effort that’s needed on their end,” said Greg Carmean, director for Experian’s Business Information Services. “Business Compliance Insight helps analysts quickly conduct manual reviews by bringing together intelligence from multiple data sources on businesses and potential beneficial owners in one easy-to-read report to be used as part of a complete investigation.”
Source: Experian Press Release