leading aml service integrates full electoral register

Tracesmart add full 2009 Electoral Register to AML identity check

The full 2009 Electoral Register has now been integrated into the Tracesmart anti-money laundering (AML) identity check service. The inclusion of the full 2009 Electoral Register, one of the many positive datasets the system interrogates, will ensure as many legitimate individuals as possible are cleared by the ID check at the first instance.

Tracesmart’s AML service allows users to perform identity checks that help them to fulfil their AML ‘Know Your Customer’ obligations, and it meets the standards set for electronic verification prescribed by the Joint Money Laundering Steering Group (JMLSG).

The UK Electoral Register has two formats – the edited Electoral Register which is available for any commercial use, but does not contain the entire UK electorate as individuals are able to ‘opt out’; and the full Electoral Register which can only be used by companies for credit referencing and anti-money laundering purposes, but contains the entire UK electorate.

Utilising the full 2009 Electoral Register will enhance the pass rate of legitimate individuals at the initial check stage. Historically, the system utilised edited Electoral Register data as part of the identity check, which whilst highly accurate, could marginally affect the initial check pass rate, due to the opt-out clause; this meant further checks – such as document verification – would have to be conducted. Chris Rothwell, Sales Director at Tracesmart, highlighted how the addition of the full Electoral Register will make for quicker identity checks.

“The integration of the full 2009 Electoral Register into our AML system, means that our service users can now swiftly and efficiently identify more of their clients without requesting additional documentation. However, the ability to verify identity documents such as passports, driving licences, credit or debit cards and utility bills, has been preserved in case further checks are required. The system ensures that identity checks are conducted in a business friendly manner, whilst also meeting anti-money laundering obligations.”

This latest update to the AML service follows on from the recent introduction of a ‘single click’ search interface. Previously, users had to build the identity profile of an individual by searching datasets and verifying details through a multi-tabbed interface. Whilst many Tracesmart clients found this interface conducive to their business needs, customer feedback indentified the need for a ‘single click’ check. Mike Trezise, Managing Director at Tracesmart, believes this customer-centric approach to service development is one of the company’s strongest points,

“We have always believed it to be truly important that there is a constant dialogue between ourselves and our clients, especially concerning the services themselves. After all, it’s our clients that use the systems day in, day out, so it essential that their needs are fulfilled. As such, Tracesmart will continue to listen to its customers, front-line staff and market research, to develop its services accordingly.”

Access to the full Electoral Register data, via Tracesmart’s AML service, is only available to companies who meet strict data protection pre-requisites.

28/05/2009 - leading aml service integrates full electoral register