Callcredit helps global money transfer firm, World First, tackle money laundering

UK-based foreign exchange company World First is working with Callcredit to help protect itself from fraud and reputational risk.

World First has grown considerably over the last four years and earlier this year was listed in the Real Business’s ‘Hot 100’ fastest growing private companies in Britain for the fourth consecutive year.  With this growth and over 76 thousand customers it is important for the international payments company to have a robust solution in place to help reduce the risk of money laundering and meet regulation whilst providing a seamless customer service.

The UK Government estimates that serious organised crime in the UK generates upwards of £24bn a year.  Through using Callcredit’s ID verification solution, World First can help protect itself from criminals trying to abuse the service it provides by validating an identity actually exists as well as then verifying that identity belongs to the person presenting the information. World First will also be able to perform a full anti-money laundering check on an individual.

Nathan Driscoll, Sales Manager, Callcredit Information Group said: “Currency brokers are now becoming a significant player in a sector that was once dominated by banks and Western Union.  World First’s success clearly highlights this growth, but with growth comes a potential for increased risk.  We are delighted to be working with World First and helping their customers to interact with them remotely, whilst safeguarding World First against money laundering and fraud.”

Peter Wood, MLRO, World First said: “Callcredit’s simplistic pricing structure and the increased detail of information provided, in an easy to understand format, and great match results made our choice to switch providers an easy one.”