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Deloitte, Sword FircoSoft and Dow Jones team on compliance offering

06 May 2010  |  3996 views  |  0 Source: Deloitte

To help businesses throughout the world comply with the ever-growing demands of Know Your Customer (KYC) procedures within the anti-money laundering, as well as anti-terrorist financing legislation, Deloitte SA, the Luxembourg member firm of Deloitte Touche Tohmatsu, Sword FircoSoft, the premier supplier of watchlist filtering solutions and Dow Jones, the premier content provider, have launched a new service called uComply.

Designed to address the needs of small and medium-sized enterprises, uComply is a new all-in-one automated customer information filtering service, available as a download on an annual subscription basis. In six simple steps, organisations are given access to the solution performing customer filtering against sanctions lists published, among others, by the Office of Foreign Assets Control (OFAC), United Nations (U.N.), and European Union (E.U.), as well the list of Politically Exposed Persons (PEPs). The uComply solution also provides the ability to review and decide on alerts with appropriate audit trail, as well as to generate statistical summary reports.

In these uncertain times, uComply will assist financial institutions and insurance companies, among others, to remain compliant without the financial burden of a long-term commitment. This enables organisations not only to protect themselves from potential expensive legal consequences, but also helps them preserve their commercial reputation.

"Through uComply, small and medium-sized enterprises now have access to a state of the art 'all-in-one' name matching service adapted to their specific needs and constraints. With Dow Jones and Sword FircoSoft we are collectively demonstrating that conventional business and technological barriers to KYC compliance management are now removed", says Pascal Eber, Partner, Advisory & Consulting at Deloitte Luxembourg.

John Nash, Global Alliances Director at Sword FircoSoft, is convinced of the application's success: "We are excited by the opportunities the uComply service brings to the business community across the world and proud to be associated with it alongside two other great firms like Deloitte and Dow Jones."

"SMEs have often found it difficult to access the tools needed for effective and efficient automated sanctions and AML screening. uComply addresses the needs of this sector by providing market leading screening technology, workflow ddesign and compliance content without the need for large investments in compliance infrastructure" says Rupert de Ruig, Managing Director, Dow Jones Risk & Compliance.

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