Two Leading Financial Services Information & Technology Providers Team Up In Risk Based KYC/AML Compliance Offering
Oct 10th, 2003
International Private Banking Systems Ltd (IPBS) announced that it has established a strategic alliance with Miami based WorldCompliance, a global leader in Know Your Customer (KYC) data and information services.
“Comprehensive KYC and AML compliance is a two part solution” explained Bruce Raine, Managing Director of IPBS, “and we have successfully developed the corporate and documentary side of the solution which we call IPBS Compliance Manager, and have been seeking, for some time now, a pre-eminent information service that can deliver a comprehensive and easily searchable database of individuals and institutions, that pose risk to financial institutions”.
“The reason that we decided to partner with WorldCompliance is that we found its quality and reputation to be the best in the market”, says Mr. Raine. “With more than 600,000 individuals and companies known or suspected to be terrorists, money launderers, drug dealers or other risky clients, as well as PEPs, WorldCompliance's coverage is unmatched and the profiles show an extremely high percentage of birth dates in combination with portrait photographs. This data quality saves companies time and money, when reviewing matches between their client names and names in the WorldCompliance database”.
One of the unique features of this offering is that banks do not have to use the internet to screen their clients against terror lists, like OFAC, FBI and European Union, or to screen for PEPs amongst their clientele - such as Pinochet and his wife - which caused so much trouble for Riggs Bank in the United States. Any financial institution is now in a position to perform an extensive KYC check, without worrying about privacy issues.
Another unique feature of WorldCompliance is customization. “IPBS is a perfect fit for us,” said Dirk Mohrmann, President of WorldCompliance. “Through their IPBS Compliance Manager, we can offer a menu of over 300 enforcement lists to choose from, including OFAC, US Securities and Exchange Commission, British Columbia Securities Commission, World Bank, to name but a few regulatory agencies, plus PEPs, their relatives and associates”. Banks can select the type and number of lists that they want to screen against, starting at less than $2,000 for the basic module.
In a recent US Senate report it was alleged that Riggs Bank tried to hide the Pinochet account from automatic detection by renaming it to 'A. Ugarte'. “This would not work with IPBS Compliance Manager, because our search logic would detect the last name as part of Augusto Pinochet Ugarte’s full name and spot the account on the fly.” noted Mr. Raine. “We are very excited about this product.” he continued. “We believe that it is a dynamite (if that doesn’t sound too terroristic) solution, and hopefully it will help some of our financial institutions spend more time providing their core services to clients and less time walking the compliance policeman’s beat. The response from the local banks has been great and we have already signed up the first clients".
About IPBS
International Private Banking Systems (IPBS) develops and supports a wide range of financial service application software covering Banking, Investment Management, Trust Accounting and Corporate Administration as well as Mutual Funds and Share Registry. IPBS Compliance Manager may be implemented as a complementary module to these applications or can be installed standalone or interfaced with other vendors core solutions.
For more information:
Visit www.ipbs.com
In the Americas contact:
Bruce Raine at ++ 1 242 394 6420
bruce@ipbs.com
In Europe contact
Steven Page at + 01 481 241111
spage@sigma-ci.com
About WorldCompliance
WorldCompliance allows you to screen every existing or potential client with a custom-built, due diligence database of more than 600,000 known or suspected terrorists, money launderers, narcotics traffickers, fraudsters and other white-collar criminals, as well as PEPs. The WorldCompliance database contains proprietary investigative research, government sanctions, regulatory warnings and criminal indictments, and is particularly strong in the area of offshore tax havens. WorldCompliance is capable of enhancing other KYC software, including OFAC or transaction-monitoring solutions.
For more information:
Visit www.WorldCompliance.com
or contact
Dirk Mohrmann at + 1 305 579 2298
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