GlobalKYC.Com announces Know Your Customer searches for banks etc. in developing countries.
(PRWEB) August 31, 2002
Press Information
Dated: 29 August 2002
Immediate
From: The Anti Money Laundering Network
Subject:
GlobalKYC.Com launches affordable compliance solution
for financial services businesses in developing world.
AML Net Sdn Bhd, the Malaysian subsidiary of The Anti Money Laundering Network Limited will today launch the first of its range of products for financial services businesses.
GlobalKYC.Com is a low cost service to help banks and other financial services comply with their obligations to identify their customers and to make certain that they do not deal with persons or organisations that governments block.
This will mean that banks will be able to satisfy their correspondent banking partners that money passing into their accounts does not originate from any of the persons with whom the correspondent bank is not permitted to deal.
For example, a bank in Laos may have a correspondent banking relationship with a bank in New York. The bank in New York will have to make certain that the money sent by the bank in Laos does not belong to any of the persons with whom the New York bank is not allowed to deal. By demonstrating that all accounts have been passed through GlobalKYC, and that all new accounts are checked against the most up to date lists, the bank in Laos will be able to satisfy the New York bank that it is safe to deal with.
GlobalKYC will therefore be regarded as a safety net for banks who depend on correspondent banking relationships for their international business.
Because GlobalKYC is intended to be affordable for banks and others in the developing world, its price is only USD7,000 per annum including all updates (USD10,000 for multinationals, regardless of how many overseas branches or offices). Smaller businesses can search for only USD250 for 200 searches (prices exclude applicable taxes).
GlobalKYC.Com launches on 27th August 2002. From then until 30th September, visitors will be able to register free and make up to five free searches using the on-line service.
—– End Release —- See next page for quotes
Quotes:
Nigel Morris-Cotterill, Chairman of The Anti Money Laundering Network and CEO of AML Net Sdn Bhd said:
“The real result of the events of the 11 September last year has been the massive increase in regulation in the financial services industry. No one has escaped their impact. But although there are many new laws in place around the world, their effect has not yet fully filtered through. When it does, many banks and others in the developing world will come under a great deal of pressure to meet requirements set by governments in Washington, London and other places. But the costs of such compliance is extremely high. GlobalKYC from AML Net Sdn Bhd is the first of a series of products, designed and developed in Malaysia, especially to run on low technology, low bandwidth computer systems and at a price affordable by even small financial services businesses in the developing world.”
“AML Net’s GlobalKYC.Com exceeds the compliance standards for US banks under the USA PATRIOT Act and OFAC. It exceeds the compliance standards set by the UK’s Financial Services Authority and The Bank of England. It exceeds the compliance standards in other countres, too. Users should be in no doubt: this product may be priced to be affordable by small financial institutions in poor countries – but it also provides remarkable value for money for even the largest group based in the wealthiest countries.”
“MSC Status is a great advantage for AML Net Sdn Bhd. It allows us to concentrate on the development of product for those countries and businesses that otherwise could not hope to remain in compliance with the massive increase in regulation across the world. As we roll out new products over the coming two to three years, we will develop the global market leader in information and support services for counter-money laundering professionals – but at a price, and using technology and delivery mechanisms, that every affected business can afford.”
Contact:
Nigel Morris-Cotterill
5th Floor, Wisma Goldhill
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
tel: +6 03 2076 5181
e: press@antimoneylaundering.net
handphone (press only) +6 019 394 9310
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Next page: notes for editors.
Notes for editors:
The most famous list of blocked persons is, of course, those of terrorists connected to the events of 11 September 2001. However, there are many other lists produced for various reasons.
Where a financial services business discovers that it has funds that belong to a listed person, the institution must make reports and if they do not do so, they face regulatory proceedings.
It is relatively easy for a business to check lists in its own country but it is time consuming, difficult and costly to check lists in other countries. GlobalKYC.Com therefore compiles lists from many countries around the world and from many agencies.
The consequences of not having an adequate compliance with foreign lists will mean that it is more difficult to maintain correspondent banking relationships with financial institutions in the major financial centres such as London, New York and Frankfurt. Increasingly, Hong Kong is following a similar strict line of compliance. American banks, in particular, are now being made subject to a requirement to check the effectiveness of the systems of their correspondent banks. Correspondent banking is the lifeblood of international banking – and therefore trade – in the developing world.
Compliance software is generally produced with the developed world in mind and requires high capacity computing power. It is also generally very costly. AML Net makes this affordable and accessible twenty four hours a day over the internet.
GlobalKYC.Com also includes lists of “most wanted” criminals from the FBI (USA) and Interpol. Other enforcement agencies are welcome to submit their lists for addition to GlobalKYC.
GlobalKYC also includes a service for law firms to register Mareva (freezing) orders which they have obtained in civil cases. Mareva orders often have world-wide application and banks which hold funds on behalf of those subject to such orders may have a range of options open to them.
Interviews may be conducted with Nigel Morris-Cotterill in Kuala Lumpur and may be in person or by telephone. Interviews should be arranged on +6 03 2076 5181.
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Next page: Members – The Anti Money Laundering Network.
The Anti Money Laundering Network is a group of companies consisting of:
Silkscreen Limited, a UK consultancy specialising in the development of counter-money laundering strategies and training for financial services businesses. Formed in 1993, it is one of the world’s longest established counter-money laundering consultancies. Web: http://www.countermoneylaundering.com
Vortex Centrum Limited, a UK publisher of newsletters and information for counter-money laundering professionals. Web: http://www.vortexcentrum.com
Click to Learn More Limited, a UK company which delivers content to e-learning platforms. Its brand quicktolearnmore.com is developing low cost e-learning for small businesses and businesses in the developing world.
Risk Values Limited, a UK company which has developed a unique profiling tool that identifies those customers that most strongly display a tendency to commit financial crime including fraud against the institution and money laundering or funding terrorism using the institution’s facilities. The tool has been designed to be usable on unsophisticated computer equipment and to have a low price, so making it available for use in small financial services businesses and for those in the developing world. Web: http://www.riskvalues.com.
AML Net Sdn Bhd, a Malaysian corporation which has MSC Status awarded by the Malaysian government to innovative technology companies. AML Net creates affordable compliance products for financial services businesses in the developing world and for small businesses. Their best-of-breed products are remarkable value for money for larger businesses. Web: http://www.globalkyc.com
The Financial Crime Forum – a joint venture to bring high value, low cost fora to the developing world. Web: http://www.financialcrimeforum.com
The Anti-Money Laundering Network Limited, a Hong Kong Holding company which owns all or a majority share of each of the above companies. Web: http://www.antimoneylaundering.net
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