Information Builders and Knowco Team Up to Deliver Best Practice Anti-Money Laundering Solution
London – December 10, 2002 – Information Builders, in partnership with risk management consultancy Knowco, has launched a best practice anti-money laundering (AML) compliance solution for the financial services market. Financial institutions worldwide are facing serious compliance issues since new laws and legislation were introduced to crack down on the financing of global terrorism and money laundering. The AML solution enables financial institutions’ compliance officers adhere to recently implemented government regulations by addressing data collection, integration and analysis issues.
“AML compliance is a complex area governed by increasing legislation and regulations, such as those outlined in the FSA Money Laundering Sourcebook,” said Jim Irving, Managing Director of Information Builders UK. “Demonstrating compliance is a major challenge for financial institutions. They need to ensure that procedures and controls adhere to the law, whilst showing best practice by introducing software tools to automate and enhance money laundering detection capabilities.”
Institutions are facing an integration nightmare in terms of linking disparate systems and reporting from that data. This is where the new AML solution delivers.
A key component of the AML solution is iWay Software. Integrating different systems is often a time consuming, costly and resource intensive task for financial institutions. iWay adaptors provide access to more than 140 databases, file systems and transaction management systems thereby significantly reducing implementation times for AML software initiatives. Information Builders’ WebFOCUS will be deployed to intelligently report on suspicious activities. With Knowco’s extensive understanding of the issues financial institutions face in demonstrating compliance, the AML solution can be tailored to suit the risk profile of each institution.
Lise Land, Knowco partner in charge of business development commented: “The fight against crime is a joint industry effort and governments have rightly taken this regulation action even though it places compliance burdens on organisations. Our compliance healthcheck programme will ensure that AML best practice is incorporated in our client’s procedures.”
“Our automated detection capability enables money laundering experts to concentrate on the complex task of assessing reports of suspicious behaviour whilst improving and monitoring manual systems and controls.”
Although not mandated by the money laundering regulations, best practice in money laundering compliance is moving towards the adoption of automated systems. These greatly assist in both the detection and management of suspicious account activity. Recently six major UK banks published a joint ‘Statement of Principles for Fighting Crime and the Financing of Terrorism’. Through this statement they have committed themselves to investing heavily in automated systems and processes for monitoring transactions on customer accounts.
Information Builders and Knowco have also jointly produced an anti-money laundering white paper, which outlines new legislation and strategies for implementing AML solutions. If you would like to receive a copy of this white paper please contact firstname.lastname@example.org on 020 7535 9955.
About iWay Software
iWay Software, an Information Builders company, is a market leader in middleware that accelerates business integration. With facilities to integrate systems in real time, near-real time, or on a scheduled basis, iWay provides a complete reusable infrastructure for EAI, B2B, e-commerce, and mobile business. iWay's experience with complex information systems led to the development of prepackaged intelligent adapters to connect to more than 140 packaged applications, transaction systems, legacy data, relational databases, and e-business formats, without writing custom code. iWay Software integration solutions significantly reduce the time, cost, effort, and risk of integration projects throughout the enterprise.
About Information Builders
Information Builders provides its customers with robust business intelligence, specialising in real-time information delivery over the Web. Headquartered in New York, Information Builders helps companies and government organisations improve their mission-critical operations by transforming data into usable information and delivering it to employees, managers, partners, and customers through the Internet. With the award-winning WebFOCUS solution, Information Builders delivers information for more than 11,000 global customer sites, including most of the Fortune100 and all U.S. federal government agencies. The company employs 1,900 people worldwide and generated revenues exceeding $300 million in 2001. For more information, visit http://www.informationbuilders.com
Knowco is a business and IT consultancy specialising in the definition and implementation of enterprise-wide decision-making strategies. Their services are positioned on the business/technology interface – bridging the gap between the business strategy and the technology that supports the delivery of that strategy. They have solutions in the following areas:
Fund restriction checking;
Operational risk and Basel II;
Customer relationship management.
For more information visit http://www.knowco.co.uk
Magdalen Bush/Sonia Panchal
Tel: 020 7535 9955/54
Fax: 020 7535 9998
Tel: 020 8982 4700
Tel: 0773 283 2246
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