UK: Callcredit hails results of EU Money Laundering Directive

Helen Mann, director of Callcredit, believes firms have dedicated more
attention to their ‘know your client’ (KYC) procedures in a bid to identify potential fraudsters, in the six months since the implementation of the EU Money Laundering Directive.

Mann said it had noticed that firms who previously considered that electronic verification was either for only ‘the big players’ or forbidden by industry bodies had since realised that this was no longer reality. She commented: “The extra depth an electronic check provides is now, slowly, being truly appreciated as a further safeguard which can significantly reduce the probability of becoming a victim of money laundering.”

She added: “However, it is clear that certain firms are still not complying with the legislation and there needs to be greater awareness of both the Directive and, significantly, of the consequences of not complying for both the individuals carrying out transactions and their employers.”

Source: Mortgage Solutions