SunGard has added a new watchlist checking online compliance solution for corporations to its Ambit Anti-Money Laundering solution suite. Available through SunGard’s Infinity Software-as-a-Service (SaaS) platform*, Ambit Customer Due Diligence will help corporate risk and compliance officers maintain compliance with domestic and international regulations and sanctions, without adding a large technology footprint.
The checking of government sanctions and terrorist watch lists has become an integral part of protecting and safeguarding corporations’ 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. government’s 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 SunGard’s banks business, commented: “Watch 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 don’t have the funds and resources to support an in-house software solution to track and check against these lists. SunGard’s 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€
The checking of government sanctions and terrorist watch lists has become an integral part of protecting and safeguarding corporations’ 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. government’s 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 SunGard’s banks business, commented: “Watch 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 don’t have the funds and resources to support an in-house software solution to track and check against these lists. SunGard’s 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€
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