Princeton Financial Systems (PFS) today announced that German security services bank dwpbank is utilizing PFS' leading investment compliance system, MIG21 to offer their clients the ability to outsource their investment compliance checking.
The bank also uses German LawCard, a comprehensive predefined rule set for MIG21, to comply with the latest regulatory requirements.
dwpbank's new service is critical to its clients because of the "Depotbankrundschreiben", a letter issued by the German Federal Financial Supervisory Authority BaFin for custodian banks. This letter requires custodian banks to control regulatory and contractual investment restrictions, among others through its own calculations. This is a complex process for many custodian banks which can now be assigned to dwpbank. MIG21 complies with the strict regulatory requirements for custodian banks regarding investment compliance checking.
"We chose MIG21 and German LawCard because PFS impressed us with their expert industry knowledge and experience. Another determining factor was that MIG21 as a market-proven system is easy to implement and also scalable to grow with our business", highlights Stephan Junker, Head of Reconciliation/Money Market Operations at dwpbank.