Bankers' Almanac today announces the re-launch of its industry Know Your Customer (KYC) solution, the Due Diligence Repository.
After extensive collaboration with industry practitioners from the Wolfsberg Group and member banks of the Bankers' Association of Finance and Trade (BAFT), the Due Diligence Repository has undergone a major redevelopment. New features centre on providing users with additional data such as offshore licences, US Tax IDs and AML Auditors for internationally operating banks, together with enhanced audit processes to reduce need for banks to re-check documentation.
The Due Diligence Repository was initially launched by Bankers' Almanac in 2004, in association with the Wolfsberg Group, to provide the primary information required to conduct due diligence checks on bank counterparties. Currently the Repository contains in excess of 72,600 documents against 46,400 financial institutions, comprising licences, corporate governance documents, anti-money laundering policies, USA PATRIOT Act/Foreign Bank Certification and the Wolfsberg Group Anti-Money Laundering Questionnaire.
Kerry Hewson, Director of Bankers' Almanac, commented: “Our objective has always been to establish the Due Diligence Repository as the global de-facto industry standard, providing consistency and conformity in due diligence document checks and reducing the administrative burden that banks face when conducting KYC assessments on their counterparties. The re-launch is the result of ongoing collaboration with practitioners to develop the Repository and ensure it continues to be developed by the industry for the industry.”
Charles H. Silverman, President, Board of Directors at BAFT said "BAFT have been working with Bankers’ Almanac to refine the Due Diligence Repository, ensuring it continues to meet the needs of the industry. Following the successful re-launch of the Due Diligence Repository, BAFT are confident that by using it for primary KYC information, it ultimately brings a tremendous benefit to the industry."
About Bankers' Almanac
Bankers’ Almanac is a leading source of intelligent reference data for payments, compliance and risk assessment. For over 160 years it has been a single point of reference for global banking information. Its Due Diligence Repository contains primary data required by banks, to conduct compliance checks on their counterparties.
Bankers' Almanac is a partner of many global financial associations and continues to evolve its reference data solutions to support the needs of the industry. With offices in Europe, Asia and USA, Bankers' Almanac is in continuous contact with banks and regulatory authorities to provide data that can be relied upon.
About BAFT
Bankers' Association of Finance and Trade (BAFT) is a financial services trade association headquartered in Washington, D.C., whose membership primarily represents a broad range of financial institutions and service members that provide services throughout the global financial community. For over 85 years, BAFT has advanced the growth and evolution of international financial services. As a worldwide forum for analysis, discussion, and advocacy in the international financial services community, BAFT plays a unique role in expanding markets, shaping regulatory and legislative policy, developing business solutions and preserving the safety and soundness of the global financial system.
About the Wolfsberg Group
The Wolfsberg Group consists of the leading International Banks including: Banco Santander, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Société Générale and UBS which aim to develop financial services industry standards, and related products, for Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies.
All press enquiries to:
Jane Sutton
Marketing Manager, Bankers' Almanac
Tel: +44 (0) 1342 335932
Email: jane.sutton@bankersalmanac.com
Website: www.bankersalmanac.com
For reference:
www.bankersalmanac.com
www.baft.org
www.wolfsberg-principles.com
