More than 12,000 documents from over 3,000 banks have been published
London, UK, 25th August 2005 - BANKERSalmanac.com, a dedicated provider of information to the banking community, will celebrate the success of its Due Diligence Repository at this year’s Sibos. Launched in association with the Wolfsberg Group* at Sibos 2004, the Repository, an online service that provides banks with the specific data needed to conduct due diligence on their bank counterparties, already contains more than 12,000 documents, from 3,000 banks from across the world.
The Repository supports the due diligence processes that financial institutions must follow by providing a single point of access to documents such as bank licence, anti-money laundering controls, USA PATRIOT Act Certification, corporate governance documents and annual reports. There is no cost for banks to include their data, which is made available to subscribers to the Due Diligence Repository via BANKERSalmanac.com, where documents can be downloaded in pdf or jpeg format.
"It is clear from the increasing number of banks using the service that the Due Diligence Repository is meeting the needs of financial institutions who have to carry out due diligence and are looking for a cost-effective way of obtaining information on new and existing bank partners,” commented Kerry Hewson, Publishing Director, BANKERSalmanac.com. “Our customers tell us that one of the pressures they face is the additional workload due to increasing AML regulations - we believe the Due Diligence Repository can really make a difference."
Carmel Speers, A.M.L. Compliance Manager, EMEA, JPMorgan, explains JPMorgan’s use of the Repository;
"BANKERSalmanac.com Due Diligence Repository is a way to collect all the
information required from correspondent banks in one place. Banks will benefit from posting their due diligence information to this repository by reducing the need to supply copies to many banks. For a Compliance user it is a bonus being able to collect documents from Patriot Act to AML Policies from one website."
BANKERSalmanac.com is inviting visitors to Sibos 2005 to bring all their compliance documents to the BANKERSalmanac.com stand for free publication in the Due Diligence Repository.
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