Costa Mesa, Calif., Feb. 16, 2017 — 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:
“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.”
To learn more about Experian’s fraud management services, including Business Compliance Insight, visit http://www.experian.com/business-information/business-compliance-insights.html.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
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