Tenet develops anti-money laundering service

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Tenet has developed an online anti-money laundering service to combat fraud, eliminate paperwork and enable advisers to process transactions more efficiently.

The Tenet-branded system will be delivered through the Equifax intermediary portal, MyTouchstone, and is now being rolled out to the group's advisers following completion of a successful pilot programme.

It is the first partnership of its kind between Equifax and an intermediary platform. It will provider advisers with a solution with no set-up costs, no minimum spend and a specially-discounted rate of £1 per search.

"It will speed up the authorisation process and provide a formidable barrier against fraud," said Tenet distribution and development director Helen Turner.

"The customer experience will be significantly-improved thanks to removal of the traditional paperwork delays," she added, "although some providers and lenders may still insist on their own secondary checks."

Equifax Touchstone Financial Analytics intermediary director Peter Welch said: "The pilot illustrated the need for streamlined client set-up processes in response to the changing environment, post-RDR.

"Advisers will also be able to access the reports and insights from the MyTouchstone database in order to benchmark their businesses in their local market."

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