"Adding TransUnion’s data to our armoury means we can further safeguard our clients against the financial and reputational consequences of money laundering and sanctions breaches"
SmartSearch has added global information and insights company, TransUnion, to the identity-check partners on its digital anti-money laundering solution.
SmartSearch now offers a 'triple-bureau' electronic verification and digital compliance platform using global data partners Experian, Equifax, and now TransUnion, to give regulated firms a match and pass rate.
The new partnership adds TransUnion’s billion-plus consumer records from over 30 countries to the SmartSearch perpetual Know Your Customer suite of identity, business, and sanctions checks.
Criminals often use a variety of tactics to launder money, such as structuring transactions to avoid detection, using shell companies and trusts, and creating false identities. Credit bureaus can help identify and prevent money laundering by monitoring for suspicious activity and flagging any unusual or inconsistent information on credit reports.
For example, credit bureaus may detect money laundering if they see multiple applications for credit using the same personal information but with different addresses or employers. They may also flag unusual patterns of credit use, such as large, unexplained cash advances or a sudden influx of new credit accounts. This information can be shared with law enforcement agencies and financial institutions to help them identify and investigate possible money laundering activity.
Guy Harrison, SmartSearch CEO, said: “Adding TransUnion’s data to our armoury means we can further safeguard our clients against the financial and reputational consequences of money laundering and sanctions breaches – and we can also help them to drive efficiencies, save costs and transform their own customer journeys”.
Adam Hancox, director of partnerships at TransUnion in the UK, commented: “We’re excited to have partnered with SmartSearch to be able to assist their customers in making more accurate identity decisions, and to minimise fraud and money laundering risk. By proactively identifying risky transactions and fraudulent devices which may have been connected to account takeover and money laundering, businesses can reduce operational expenses and build trust with their customers.”
