19 March 2018

Sum2 launches Patriot Act compliance software

29 July 2003  |  3242 views  |  0 Sum2 launches Patriot Act compliance software

New Jersey-based Sum2 has released Patriot Act Compliance Officer (Paco), a browser-based application designed to help small and mid-sized firms comply with the anti-money laundering compliance requirements of the USA Patriot Act.

Sum2 says the product is targeted at the most underserved segment of the compliance market - brokers, hedge funds, commodity trading advisors and registered investment advisors.

Paco addresses Sections 352, 326 and 314 of the act which require firms to conduct an audit of their AML programme, provide training to employees, implement customer identification procedures, file suspicious activity reports with government agencies and produce a compliance policies and procedures manual.

The system provides the necessary tools to develop and administer a customer identification programme (CIP) and is designed to integrate with a firm's proprietary data, information and applications.

James McCallum, president, Sum2, says: "Paco is unique in that it integrates numerous compliance services onto a single platform for a fraction of the cost of what it would be if these services were contracted out for separately."

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

Bisys launches Patriot Act compliance service for hedge funds

Bisys launches Patriot Act compliance service for hedge funds

21 July 2003  |  3380 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comVisit www.facebook.com/business/visit www.ebaday.com

Top topics

Most viewed Most shared
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
8478 views comments | 24 tweets | 36 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
8207 views comments | 9 tweets | 8 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
7080 views comments | 18 tweets | 17 linkedin
Barclays propels Coinbase into Faster PaymentsBarclays propels Coinbase into Faster Paym...
7021 views comments | 15 tweets | 28 linkedin

Featured job

Singapore (or Hong Kong)

Find your next job