Rosemount Financial Solutions has launched its own Know Your Customer tool for member advisers, as networks continue to invest in technology aimed at tackling fraud and strengthening compliance.
The mortgage, protection and financial planning network has brought check2 live after first unveiling the system at its annual conference in January.
Rosemount said the tool had been tested with a panel of its advisers before launch and had been designed around adviser requirements.
Check2 uses insights from Veriff and Experian to support the identity checks advisers are required to carry out, while also seeking to improve protection against financial crime.
The network said advisers had reported encountering newer forms of fraud linked to advances in technology, including synthetic identity fraud, where genuine and false information is combined to create an apparently legitimate profile.
Rosemount said the system had been built to guard against these and other emerging threats, with the ability to be updated quickly as new risks appear.
The tool has also been designed to work across mobile phones, computers and laptops, allowing advisers to complete identity verification checks in different settings. Rosemount has also launched a dedicated check2 website setting out the tool’s features and intended benefits.
The launch follows other recent technology developments at the network. Last year, Rosemount introduced a cashflow modeller designed to help advisers produce personalised reports showing clients’ potential financial futures and the impact of different decisions. It also launched an attitude to risk profiler for advisers.
Ahmed Bawa, chief executive of Rosemount Financial Solutions, said: “Know Your Customer checks are a crucial aspect of financial advice, and something the best advisers take very seriously. Check2 has been designed to make that process as smooth and convenient as possible, having been developed with the input of our advisers.
“At Rosemount, we’re passionate about providing advisers with the tools and support they need to deliver the highest possible quality of service to their customers, and will continue to invest in developing technology which makes a tangible difference to the day-to-day experience of our members.”
