New York, NY - May 3, 2004 - ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today the launch of its new customer identity verification system. This system is fully integrated with ADP's Brokerage Processing Services (BPS) securities processing system to streamline the back office operation.
This system enables a broker-dealer's compliance and new accounts departments to efficiently verify their customers' identities in accordance with the USA PATRIOT ACT and securities industry best practices as part of the firm's comprehensive Anti-Money Laundering Program.
This new customer identification verification system, built in partnership with RemitPro, maximizes operational efficiency through the use of a web accessible case management tool with built-in exception handling and complete audit trail functionality. RemitPro's Risk Alert application receives customer identification information through a direct interface with the BPS Name and Address records. Based on client-controlled requirements, Risk Alert accesses multiple vendor and public databases to verify the identity of potential customers using sophisticated, automated matching criteria.
Through the interface, Risk Alert provides extensive functionality to research and manage exceptions with complete audit trails, including updates to BPS.
Marianne Brown, Senior Vice President and General Manager of ADP's Brokerage Processing Services said, "The production launch of this system represents another important step forward in ADP's overall strategy to provide complete compliance technology solutions to our clients in all areas of brokerage processing. With the addition of this new product to ADP's overall product suite, we are providing our clients with tools necessary to improve their overall efficiency in meeting their compliance obligations under the Customer Identification Program of the USA PATRIOT Act."
"We are proud to be selected by ADP," said Jana Waughn, President and CEO of RemitPro. "RemitPro specializes in customizable solutions for the brokerage industry. As a leader in customer identification solutions, we know what it takes to meet the requirements of the USA PATRIOT Act. Our expertise ensures that our clients are equipped with a best-in-class, comprehensive solution.''