Acxiom’s comprehensive and easily deployed ID verification solution assists organisations to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and address rising incidences of identity fraud. The AML/CTF Act requires certain businesses to verify the identity of the customers with whom they interact, and currently applies to:
- Banking and Financial Services
- Insurers
- Managed Funds
- Gambling Services
- Bullion Dealers
Acxiom Identify-X helps organisations to efficiently and cost-effectively authenticate personal customer information by allowing electronic matching to safe harbour standard. Essential for any business requiring electronic customer ID verification and built to the most stringent of security standards, Acxiom Identify-X will help you protect the interests of both your business and your customers, while complying with the requirements of the AML/CTF Act.
Features and benefits include:
- Electronic batch verification
- Matching to Safe Harbour ID verification requirements
- DOB and transaction history verification available
- Potential to include International Watch Lists
Acxiom provides a number of service access options according to your overall business needs and system requirements, from secured SFTP batch process to cater for high volume processing to real-time interface for single transactions.
AML ACXIOM IDENTIFY-X Batch:
- Process large volumes of customer contact details
- Verifies existing and new customers
- Allows application of AML/CTF verification processes against customer systems where real-time integration is not feasible
AML ACXIOM IDENTIFY-X Real Time:
- Enables integration of AML/CTF verification into customer systems for upfront verification
- Helps reduce time frames around approval or requests for more information
AML ACXIOM IDENTIFY-X KYC (Know Your Customer):
- Assists businesses to comply with KYC requirements of AML/CTF and Privacy legislation
- Helps businesses to ensure their customer information is current, relevant and enables correct identification of individuals
- Address variance functionality to assist with incomplete or non-residential customer addresses
- Compares customer address details supplied and provides alternative address where variance exists to assist with identification and risk assessment
> Click here to download the Acxiom Identify-X Fact Sheet
Further Information and Related Reading:
> AML Compliance - News and Resources
> AUSTRAC Guidance Note
> AUSTRAC - AML/CTF Compliance Reports
> NZ Statement on AML