Bankersalmanac.com, the leading source of intelligent reference data for global banking, today announces it will be showcasing a new Due Diligence Alert service at Sibos 2006. Designed to reduce time and overheads, the reports notify users when institutions have added or re-submitted documents to the online Due Diligence Repository.
Developed in association with the Wolfsberg Group, the Due Diligence Repository provides a central registry for standard documentation required by banks to conduct due diligence on their banking counterparties. Now, with the introduction of the Due Diligence Alert, subscribers will automatically be informed of any changes or additions via a weekly email.
Providing a choice of reports, the Due Diligence Alert has two key options. My Watchlist allows the user to create their own list of institutions which they want to monitor. Or, alternatively, they can be notified for all institutions by document type, such as bank licences, USA PATRIOT Act Certification, Anti Money Laundering Controls and corporate governance information. Events like bankruptcies, liquidations, and bank licence revocations are also covered.
"Our aim in developing the Due Diligence Repository was to try to help take the burden out of compliance," explained Kerry Hewson, Director at Bankersalmanac.com. "Now, with the addition of the Due Diligence Alerts, we hope that this will further aid banks' to make their working practices increasingly efficient. Instead of checking banks to see if any changes have occurred to their documents, subscribers to the Repository will be alerted each week when new or re-submitted documents are live."
Jeremy Wilson, Co-Chair of the BAFT European Advisory Council, and Vice Chairman, Business Banking at Barclays Bank PLC, added: "This is an important resource for the industry. With increasing regulation and pressures for banks to be fully compliant, a service which can help ease the burden of compliance and provide timely information on due diligence will be invaluable." Jeremy Wilson is also Head of Financial Institutions at Barclays.
The Bankersalmanac.com Due Diligence Alert is only available to subscribers of the Due Diligence Repository. Users will be able to see a demonstration of the alerts at Sibos (9-13 October 2006, Sydney, Australia), with the first alert going live in November.
At Sibos, Bankersalmanac.com is also giving delegates the opportunity to have their say on a number of issues affecting the banking industry. At its stand, L02, Bankersalmanac.com will be conducting a daily industry poll with a chance to win the latest Apple iPod every day.