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Anti-money Laundering: Are Your Bases Covered?

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Identity verification is an important initial step in the know your customer (KYC) process, assisting in the assessment of risk and mitigation of fraud. It’s also a compliance requirement for certain organizations under the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and associated regulations, which set out, in part, when and how to identify customers.

Following recent updates to these regulations by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), we put the spotlight on identity verification and considered opportunities for organizations to complement their compliance regimes using automated processes that can save time as well as costs.

Manual reviews a costly — but prevalent — aspect of identity management

In determining checks and balances to ensure compliance under the PCMLTFA, you may find your organization is saddled with a number of manual processes that can be time-consuming and may drive up back office costs.

In the 2017 Online Fraud Benchmark Report (North America Edition) published by Cyber Source, it was found that 79% of North American businesses conduct manual reviews as part of their fraud management operations. On average, they manually review 25% of orders and accept 89% of orders following a manual review, which suggests that more orders are being reviewed than necessary.

As the report points out, manual reviews can consume a large chunk of an already limited budget. Automated screening can help improve the efficiency of identity management processes, enabling you to adjudicate applications while still establishing safeguarding procedures.

Add to your compliance toolbox with an automated solution

An automated solution, like TransUnion’s Enhanced Bureau Verification Services ID (eBVS-ID), could consolidate manual processes, based on your business rules, and may help you improve your ability to verify identities at varying stages of the customer lifecycle.

An automated identity verification system could assist you in complying with anti-money laundering requirements and could help you minimize more labour-intensive manual processes.

Contribute to a better customer experience

Effective identity management processes can also improve the customer experience. Automated identity verification solutions can decrease processing times for some assessments and may reduce delays for your customers. Verification tools can improve your ability to protect your customers and may decrease losses resulting from financial crimes.

To find out more about TransUnion identity verification products, call your sales representative or visit:

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