SunGard has extended its Ambit Risk & Performance solution suite with the addition of more than 400 government watch lists from around the world, lists of Politically Exposed Persons (PEPs) and media information from over 6,000 publications.
The new data and functionality is provided by Regulatory DataCorp (RDC). The data sourced from RDC's GRID database, a leading public-source risk database with over seven million risk relevant events, has been integrated into Ambit's Anti-Money Laundering (AML) solution. The solution offers a comprehensive solution for watch list checking, transactions monitoring, case management, regulatory reporting and public source risk-relevant data.
There are few countries without existing or pending money laundering legislation. Banks globally are required to monitor, investigate and report customers and transactions of a suspicious nature to the financial intelligence unit of the central bank or government agency in their respective country. Strong Know Your Customer capabilities are therefore very important. RDC GRID. is also integrated into SunGard's Ambit Customer Due Diligence. A solution that provides the financial services and insurance industries with a Web-based Know Your Customer (KYC) compliance tool that helps customers to efficiently meet their KYC obligations at a high standard.
Mark Parsells, chairman and chief executive officer of RDC, commented: "RDC is proud to be working with SunGard, a global leader in the provision of software and services to the financial services sector. We believe this is a strong partnership for customers of both companies. RDC customers who already rely on our data and analytics tools will now be able to benefit from a complete AML suite using SunGard's Ambit offering. SunGard's customers will gain access to our GRIDTM database, helping to enhance their KYC compliance abilities."
David Hamilton, president of SunGard's banks business, said: "Monitoring activities manually is expensive and prone to error but failure to comply leaves a firm facing fines, penalties and damage to their reputation. SunGard offers its banking customers a full suite of compliance and financial crime solutions through ouour Ambit portfolio. By integrating RDC's class-leading GRIDTM database with the Ambit Anti-Money Laundering solution SunGard becomes a 'one stop shop' for a bank's anti-money laundering regulatory compliance needs."