D&B UK Launches AML Report

D&B UK last month launched its Anti-Money Laundering Report, a one-stop shop for UK businesses who need to sign off on new AML legal requirements that go into effect on Dec. 15. The new D&B AML Report, which is available online 24/7, focuses entirely on providing customers need to know in order to comply with the new legislation.

The Money Laundering Regulations 2007 was created to help combat money laundering. Companies will be required by law to assess the risk posed by the companies they do business with and take measures to verify the identity of those companies and their beneficial owners.

The report contains: basic entity ID, sanctions lists check, stock exchange ticker files check, regulators lists check, director and beneficial owners, basic financials and corporate structure. Data for the report is from a variety of sources, such as global financial regulators, stock exchanges and global sanctions lists as well as D&B databases and country risk assessments.

D&B's target audience for the report includes credit and financial institutions, auditors, insolvency practitioners, external accountants and tax advisors, independent legal professionals, trust and company service providers and estate agents.

According to a press release announcing the launch, D&B worked with major global financial institutions to create the report to meet their specific needs related to the new legislation. Smart move: customers know exactly what they want and need from information service providers. By listening to them, you’re practically guaranteed to create a winning offering. The fact is, it's sometimes very difficult to understand exactly how customers use your product. Let them guide you; they will undoubtedly chart a successful course for your products and your company overall.

D&B also deserves credit for the timeliness of this launch. Getting the report in place online nearly two months before the legislation is effective was vital. This gives customers the opportunity to learn more about it and how it works before they actually need to utilize it. In addition, this is a perfect example of an information provider responding to a market's ever-changing data needs--which is especially key in the financial arena.

http://www.infocommercegroup.com/blog/2007/10/d-uk-launches-anti-money-laundering.html