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Cicada enhances KYC profiling

20 June 2006  |  1873 views  |  0 Source: Cicada

Cicada has announced Release 1.1 of its Cicada Profiler software. Cicada Profiler brings improved collaboration, centralization and control to firms’ AML/KYC compliance processes. It provides the benefits of automation and a workflow framework for customer on-boarding, documentation, and compliance reviews.

Regulatory guidelines for customer records require that financial institutions are aware of the ownership and control of their customer accounts. Tracking different types of entities, different relationships and associated documentation can be difficult to manage.

Cicada Profiler 1.1 introduces an ownership checklist that can be configured to meet compliance rules. For example, the software can trigger the collection of ownership data based on customer type, such as beneficial owners for a trust, or directors and shareholders for a private corporation.

In addition, Profiler supports different types of ownership definitions (such as officer, shareholder, trustee, etc.), as well as one-to-many relationships, which allows complex hierarchies to be set up. Using Profiler, complex ownership linkages can be defined and analyzed across a firm’s customer database.

"Often, a firm’s existing customer data systems do not adequately support the collection of ownership data, particularly the complex one-to-many relationships and different types of ownership that are involved," said Hubert Holmes, Cicada’s Executive Vice President. "We have added this key functionality as part of our continuing effort to reduce the cost and operational burden of anti-money laundering compliance."

Cicada Profiler is one product in Cicada’s suite of solutions for managing legal entity, instrument and pricing reference data. The software is deployed as a packaged solution, with an attractive price structure, low operations cost and “off the shelf” ease of implementation.

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