Whether you’re evaluating merchants, suppliers, or customers, measures must be in place to evaluate the risk of onboarding an applicant.  Failing to do so has recently cost financial institutions millions – causing even the trade credit industry to take notice.

Why do we want to help?  For us, it’s about helping our customers get better at managing compliance risk.  Getting better at managing risk means that our customers can worry less about regulators trying to make an example out of them and focus more on making sure that the best quality customers are onboarded into their organization and that their customers’ experience isn’t diminished by a length manual review process.

Business Compliance Insight

With regulatory compliance being a simple fact of life, we’ve developed a solution called Business Compliance Insight™, a cost-effective way for compliance departments and the business lines they support to meet multiple Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

During the development of Business Compliance Insight we discovered that many compliance managers were frustrated with having to use multiple data sources and providers in order to develop a complete picture of their applicant.  In practice, analysts responsible for investigating a business sometimes might rely on only their favorite sources, omitting sources that rarely return a hit even though they are critical components of managing onboarding risk.  This is a costly mistake that could lead to data gaps, inconsistency, and errors.

The potential for errors is one reason compliance managers are taking additional steps to protect both their company and themselves, since regulatory enforcement actions that can damage your company and brand can also lead to compliance managers themselves being personally accountable for having adequate controls in place to help prevent enforcement actions.

By creating a one-stop-shop solution, our Business Compliance Insight Report helps analysts who want to quickly conduct manual reviews by bringing intelligence from multiple data sources on a business and potential owners in one easy-to-read report.

And for compliance departments who want to integrate Experian data directly into their own systems and applications, we’ve also developed the Business Compliance Insight API.  Available in its entirety or with just the data you need à la carte, the API can return:

  • Data to support Customer Identification Program (CIP) requirements, including verified business name, address, city, state, postal code, phone number, and Tax ID
  • Possible regulatory watchlist matches including OFAC, United Nations, Western European, Canadian, or the Excluded Parties List System
  • Possible government sanctions on any potential matches to the business name on the U.S. Department of Justice website documents and press releases
  • Potentially undisclosed beneficial owners
  • Industry information including SIC and NAICS Codes and descriptions
  • Derogatory legal filings including bankruptcies, liens and judgments
  • Corporate Registration from the Secretary of State including business structure, state of origin, data of incorporation, charter number, and registered agent
  • Other businesses associated with the phone, Tax ID, or Address of the business; and more.

Integration Powering Automation

By integrating our compliance data directly into your CRM or ERP, automated workflows and decision trees can be implemented that will speed client onboarding for the vast majority of your applicants.  This will free up extra time for your analysts to perform deeper dives on complex investigations that warrant further enhanced due diligence.

The Business Compliance Insight API is part of Experian’s powerful fraud and regulatory compliance product suite that provides clients of all sizes with flexible, cost-effective solutions that help mitigate risk while reducing friction at the point of sale.