18 December 2017
visit www.avoka.com

OneSource releases anti-money laundering product

20 April 2004  |  2013 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.

"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:
  • 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; and
  • Receive risk level classifications and direction on further analysis required.
  • Comments: (0)

    Comment on this story (membership required)

    Related blogs

    Create a blog about this story (membership required)
    visit www.aciworldwide.comvisit www.thomsonreuters.infovisit www.atos.net

    Top topics

    Most viewed Most shared
    satelliteRipple completes XRP Lockup
    11046 views comments | 3 tweets | 2 linkedin
    Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
    8585 views comments | 15 tweets | 14 linkedin
    Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
    7536 views comments | 19 tweets | 22 linkedin
    Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
    7020 views comments | 6 tweets | 26 linkedin
    hands typing furiouslyReshaping Customer Engagement & Da...
    6957 views 0 | 4 tweets | 2 linkedin

    Featured job

    Competitive
    London, UK (or flexible)

    Find your next job