Sum2 launches Patriot Act compliance software
29 July 2003 | 3174 views | 0
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."