The checking of government sanctions and terrorist watch lists has become an integral part of protecting and safeguarding corporationsâ business interests. In recent years there has been a significant increase in legislation (such as the Patriot Act and Sarbanes Oxley) to curtail the illicit flow of funds into financial systems. For instance, in the U.S. every business is required to cross-check their customers against the U.S. governmentâs Specially Designated Nationals (SDN) list.
Ambit Customer Due Diligence provides a range of Web-based tools that help ensure security and compliance by resolving and verifying the identity of potential/current employees, customers, suppliers and business partners. It helps customers comply with government anti-terrorist legislation and list checking regulations. Therefore it can help companies avoid the risk, financial losses and loss of reputation associated with non-compliance.
Colin Day, vice president for compliance and financial crime solutions in SunGardâs banks business, commented: âWatch List Checking is a big challenge for many of our customers. There are many lists like the SDN list, and most are frequently updated and difficult to search. Most small-to-medium enterprises donât have the funds and resources to support an in-house software solution to track and check against these lists. SunGardâs new SaaS Ambit Customer Due Diligence solution therefore offers our customers a quick, cost-effective solution that can help them create safer, more compliant work environments and business processes.â