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Customer identity verification now online through Deloitte's AMLcheck

Media Release

by Peter White, FBAA National President

Thursday 18 September 2008 - Finance brokers and financial planners will be able to further address their contractual obligations to check customer identities through a new electronic verification application available at the leading secure online anti-money laundering (AML) and counter terrorism financing (CTF) compliance tool, Deloitte’s AMLcheck™.

This product has been developed through close collaboration between the FBAA and Deloitte in order to address the key issues of identity theft, identity fraud and cyber crime. These are often the precursors to money laundering and the financing of terrorism. The financial services industry has been required to address these through the advent of the Anti-Money Laundering and Counter-Terrorism Financing regime introduced in late 2006.

AMLcheck™ is a secure online compliance tool designed to help finance brokers and financial planners and others in different industries to meet a number of their AML and CTF compliance obligations.
The new electronic verification service provides a cost-effective method of ensuring that customers’ identification credentials are legitimate and significantly enhances the AML compliance capabilities of the site. Unusual customer characteristics or irregular documentation can be systematically checked, and subjectivity eliminated.

The electronic verification component of AMLcheck™ compares key identification details of individual customers and entities against a range of Australian and international databases. These include (in Australia) the electoral roll, current and historical white pages, ASIC company reports and Australian business names. Other utility databases are also available for over 100 countries, including those in Asia-Pacific, the Americas, Europe, Middle East and Africa.

The customer verification service complements AMLcheck™'s existing name checking capability which allows users to conduct name checks to ensure that a client is not a known national or international terrorist, or a person who is under national or international sanctions.

AMLcheck™ allows finance brokers and financial planners to meet a number of their legal and contractual obligations to have appropriate systems fully in place before the deadline is announced.

Peter White, FBAA National President.

To view the website, see this link: https://www.deloitteamlcheck.com/portal/site/amlcheck/template.WHAT

For further information, please contact: amlcheck@deloitte.com.au
NB: See our media releases and research at www.deloitte.com.au

For further information:

Karina Randall FAS Media & Communications Mobile: 0414 823 712 Tel: +61 (0) 2 9322 3778 karandall@deloitte.com.au

About Deloitte
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