Skipton Building Society has implemented an anti-money laundering system to help it meets its regulatory obligations arising from the launch of a new internet savings account.
The society went live with Compliance Alert from Northland Solutions for anti-money laundering and fraud detection less than a month ago, replacing existing manual and in-house systems. It said the decision to use Northland’s technology rested on its ability to deliver a “speedy and sophisticated level of compliance in order to satisfy regulatory requirements.”
Kathryn Payne, head of compliance at Skipton, said the speed of response was partly down to Compliance Alert interfacing seamlessly with other third party systems, including CallCredit for client identification and verification.
Skipton's subsidiary Bailey Computer Services, which operates a bureau and managed services business, will also be making Compliance Alert available to its customers.