OneSource releases anti-money laundering product
20 April 2004 | 1987 views | 0
OneSource Information Services, a leading provider of business information solutions, today announced a new anti-money laundering Synergy Solution offering to enable financial services organisations to quickly and easily identify the risk level of a potential client, partner or supplier.
The OneSource® Synergy Solution for Anti-Money Laundering addresses the additions made this month to the Money Laundering Regulations and the Proceeds of Crime Act, which demands advisors and financial organisations have sufficient processes in place to identify likely money laundering activity. Failure to meet these requirements can lead to a fine and/or a prison sentence.Review the corporate family structure of prospects, clients and partners;Create an audit-trail of money laundering investigations;Check the backgrounds of a company's directors and shareholders;Review financial filings and exchange listing details;Choose pass/fail criteria for anti-money laundering tracking; andReceive risk level classifications and direction on further analysis required.
"Know Your Client" checks that interrogate key financial information on companies and their directors are a fundamental, but resource-hungry, process for financial service organisations. Using the OneSource Synergy Solution for Anti-Money Laundering will allow companies to perform these checks more rapidly and cost-effectively, simply by entering a company name or the name of an executive.
They will be able to quickly search and classify low and medium risk as well as higher risk companies where further research is required. They can select OneSource's default pass/fail criteria levels or create their own.
According to the Financial Services Authority's publication, Reducing Money Laundering Risk: "Although there are no specific legal or regulatory KYC [Know Your Client] (as opposed to simple identification) requirements, high-level obligations in the Money Laundering Regulations and in our Handbook require a firm to counter the risk of money laundering. And firms may find that they are exposed to increased legal risk of failing to meet their reporting obligations under PoCA if they focus on basic identification evidence and do not collect or use wider KYC information."
Robert Taylor is sales director at OneSource Information Services Ltd. He says: "The home office estimates that £18 billion per year of 'dirty money' is cleaned by London's financial institutions and professional advisors. This has driven the new legislation and means that companies need to quickly profile the companies they deal with to identify areas of risk. They are reducing business risk as well as complying with legislation."
The anti-money laundering Synergy Solution is fully scaleable and can be integrated into an organisations existing workflow. Data on more than 1.7m companies and 6 million executives are contained within the OneSource Enhanced Information WarehouseTM repository. In addition, the OneSource AppLink Pro software development kit enables the customised delivery of any data field - plus a wide variety of reports such as business summaries, contact lists, corporate family hierarchies, and industry reports - into key business applications. Legal and financial organisations can use the anti-money laundering solution to: