Potential money laundering and verification issues at Secure Trust Bank are to be handled through a new software deal.
New customers at the bank will be vetted by Callcredit Information Group which has created specifically tailored identity software to cover all its verification needs and requirements under Anti Money Laundering (AML) rules.
The software CallValidate will be used to process all applications and give a pass or fail decisions using data from UK records, including court judgements, insolvency data and the electoral register – all in real time.
Secure Trust Bank chief executive, Paul Lynam, said: “There is nothing that should be more important to any bank than safeguarding customers by consistently applying the highest possible standards of vigilance and professional disciplines to its operations.”
Callcredit’s head of product strategy financial crime, John Cannon, said: “Meeting AML regulatory requirements presents a number of challenges to UK banks in ensuring that their customer’s identity can be adequately verified.”
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