AML, KYC and Deceased Identity Fraud: Are you compliant?
Monday, June 12, 2017
Research shows that over half of pension providers have not tested their internal fraud controls for more than a year which is in breach of regulatory guidance that calls for internal controls to be reviewed “at least on an annual basis". A number of banks and credit providers have also been found in breach of the legislation.
However, on 26th June this year more stringent Anti-Money Laundering (AML) regulations come into force and non-compliance is not an option. Identity fraud is becoming more of a problem and deceased identity fraud; where people continue to collect the pension of a deceased person or someone assumes the identity of someone that has passed away and applies for credit in their name, is becoming a particular concern. This is because this type of fraud is seen as an easy win since it is much harder to identify than ordinary identity fraud and on average goes undiagnosed for around four years. Halo, our KYC/AML compliant identity fraud prevention solution enables organisations to quickly and easily identify high-risk applicants and cut them off at the source saving thousands of pounds in bogus payments and hundreds of investigative man hours every year.
With the clock ticking for tighter controls implementing a compliant, cost effective, screening solution demonstrates your commitment to the new AML regulations.