Source: STB Systems
STB Systems (STB) and Hitec (Laboratories) Ltd have concluded a co-marketing agreement to bring together STB's market leading anti money laundering system, STB-Detector and the leading edge technologies provided by Hitec's Electronic Document Management (EDM) solutions.
Hitec is a proven market leader engaged exclusively in the development, deployment and support of DataStore(r) enterprise wide EDM & Content Management solutions. Suspicious Activity Monitoring Account Opening Due Diligence Watch List Monitor Investigations
STB Systems has built its reputation as a world leader in financial compliance and reporting solutions, delivering success for many leading international institutions from offices in London, New York, Hong Kong and Singapore.
Among the many things that financial services firms are required to do to comply with the anti money laundering (AML) regulations, identity verification and documentation figures high on the list. A key part of the AML legislation globally is the importance of knowing your client in terms of identifying the person with whom you are transacting and the documenting of the information used to establish this.
Hitec offers the benefit of enterprise-wide Electronic Document Management to store the information collected by STB-Detector for the purposes of account opening due diligence and related documentation.
As a part of a comprehensive Risk and Compliance solution, STB-Detector and Datastore(r) provide the perfect answer to a firms' AML procedures in the area of KYC. The solution addresses the growing needs of financial institutions to better control and manage their risk exposure to opening an account with inadequate or incomplete documentation, whilst maximising the ability to recall this data from off-line storage as and when required, be that for internal management or external review.
Additionally, due to the tight integration of Datastore(r) with STB-Detector, the entire set of documentation can be recalled within STB-Detector's suspicious activity module (SAM) should a suspicious transaction be identified. This information can include such items as scanned cheques, letters of credit or whatever else a firm might hold on the individual or corporation.
Hitec and STB Systems have helped many financial institutions around the world in the implementation of Risk and Compliance initiatives, including anti money laundering.
The DataStore(r) product suite consists of a full range of browser based Electronic Document Management elements. Single modules may be implemented to address individual application requirements, or they may be implemented as an enterprise wide EDM solution.
The implementation of DataStore(r) provides a major opportunity for more efficient and rewarding work practices. Hitec's unrivalled professional services programme ensures a smooth transition to the electronic storage, retrieval and secure re-use of vital Corporate Information. DataStore(r) extends the traditional boundaries of electronic archiving by combining browser based solutions.
STB-Detector, STB's proprietary anti money laundering system, provides a comprehensive addition to the defences of any financial institution. The system has four modules:
These modules provide extensive coverage of all the key areas of compliance the MLRO (Money Laundering Reporting Officer) requires. Account movements can be checked against historical and peer group patterns, and against a variety of absolute and flexible thresholds. Account opening "Know-Your-Customer" procedures are enhanced and documentation renewal reminders can be generated. Customer databases and payments may be checked against any number of internal and external sanctions lists.
STB-Detector is fast establishing itself as a global solution to money laundering controls, with installations in New York, London, Hong Kong and Singapore.
Hitec's Managing Director, Jeremy Crame said "This agreement is part of Hitec's continuous efforts in providing solutions in the area of Risk and Compliance to our financial services clients. The combination of Hitec's extensive expertise and implementation capabilities and STB Systems' products will help financial institutions implement a cost-effective solution in meeting their AML compliance requirements.
Commenting on the agreement, Michael Thomas, Group CEO, STB Systems, said, "We are delighted to work with Hitec (Laboratories) Ltd in delivering an effective AML solution just about anywhere it is needed. We foresee the attractive pricing of STB-Detector and the expertise of Hitec (Laboratories) Ltd will ensure this is a most attractive solution for the financial services industry."