20 February 2018
visit www.nextgenbanking.co.uk/

Institutions create financial crime clearinghouse

16 July 2002  |  3123 views  |  0 New York skyscrapers

A group of the world's leading financial institutions have joined forces to create Regulatory DataCorp, a for-profit company which will operate a database of public information to help identify and manage the risks associated with financial crime.

RDC - spearheaded by Goldman Sachs in association with Allianz, American Express, Bank of America, Bank of New York, Bear Stearns, Citigroup, Credit Suisse First Boston, JPMorgan Chase, Deutsche Bank, GE Capital, Lehman Brothers, Merrill Lynch, Morgan Stanley, New York City Investment Fund, Prudential Financial, UBS, Wachovia and Wells Fargo - has been in development over the past two years. During that time, the company has created a worldwide clearinghouse of publicly available information that conforms to international standards and regulations, as well as the tools necessary for institutions to conduct automated due diligence on entities, individuals and transactions.

William Catucci, who has been appointed chief executive officer of RDC, says: "RDC is a proactive industry response to serious threats posed to global security by money laundering, fraud, terrorist financing, organized crime and corruption. It combines proven technology and meaningful risk-relevant information from a variety of public sources."

Among the products developed by RDC is the Global Regulatory Information Database or Grid system. Grid combines historic and current public records published by regulatory agencies in over 50 countries with reporting from news organisations and other publicly available sources from around the world.

RDC is additionally developing a number of due diligence and anti-fraud products and services that address both consumer and corporate issues, such as identification verification and protection, electronic subpoena compliance, and charitable gift screening, among others.

The RDC database will be managed through Equifax's Compliance Data Center subsidiary. Other alliances are being formed with ChoicePoint, Thomson Financial Publishing, and LexisNexis.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK banks extend crackdown on money laundering

UK banks extend crackdown on money laundering

15 July 2002  |  3909 views  |  0 comments
Huntington tackles money laundering with ACI fraud detection software

Huntington tackles money laundering with ACI fraud detection software

09 July 2002  |  5863 views  |  0 comments
Financial firms have no faith in anti-money laundering software

Financial firms have no faith in anti-money laundering software

05 July 2002  |  4389 views  |  0 comments
Wells Fargo selects Searchspace anti-money laundering software

Wells Fargo selects Searchspace anti-money laundering software

17 June 2002  |  8800 views  |  0 comments
US regulators forge closer ties to combat fraud

US regulators forge closer ties to combat fraud

31 May 2002  |  3536 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsvisit www.nextgenbanking.co.ukVisit http://info.nice.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11758 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9381 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9195 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7950 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7282 views comments | 19 tweets | 18 linkedin

Featured job

Find your next job