Experian, the global information services company, announced its 192business unit has been selected by the Law Society as its preferred supplier of electronic identity verification tools for anti-money laundering purposes.
192business, part of Experian since it was acquired in March 2012, provides organisations with a range of electronic identity verification tools, including personal data verification, fraud screening and document verification. These products are already used by 44 of the top 100 UK law firms to meet client due diligence obligations under the Money Laundering Regulations 2007 and to mitigate the risks of making payments in contravention of the UK financial sanctions regime.
Nigel Spencer, Chief of Commercial Affairs at the Law Society, said: “Experian and 192business have worked closely with the Law Society to ensure that its identity verification services are tailored to the specific needs of the legal sector. Accurate and efficient identity verification is vital for meeting the evolving challenges of complying with financial crime prevention rules.”
Nick Mothershaw, UK director of identity & fraud services at Experian, commented: “Firms across the legal profession have successfully managed money laundering and payment risks working in partnership with 192business. Since 192business became part of Experian earlier this year we have further strengthened our position amongst the legal community and are delighted that the Law Society has chosen to endorse our range of identity verification tools.”