There are few countries without existing or pending money laundering legislation. Banks globally are required to monitor, investigate and report customers and transactions of a suspicious nature to the financial intelligence unit of the central bank or government agency in their respective country. Strong Know Your Customer capabilities are therefore very important. RDC GRID. is also integrated into SunGardâs Ambit Customer Due Diligence. A solution that provides the financial services and insurance industries with a Web-based Know Your Customer (KYC) compliance tool that helps customers to efficiently meet their KYC obligations at a high standard.
Mark Parsells, chairman and chief executive officer of RDC, commented: âRDC is proud to be working with SunGard, a global leader in the provision of software and services to the financial services sector. We believe this is a strong partnership for customers of both companies. RDC customers who already rely on our data and analytics tools will now be able to benefit from a complete AML suite using SunGardâs Ambit offering. SunGardâs customers will gain access to our GRID database, helping to enhance their KYC compliance abilities.â
David Hamilton, president of SunGardâs banks business, said: âMonitoring activities manually is expensive and prone to error but failure to comply leaves a firm facing fines, penalties and damage to their reputation. SunGard offers its banking customers a full suite of compliance and financial crime solutions through our Ambit portfolio. By integrating RDCâs class-leading GRID database with the Ambit Anti-Money Laundering solution SunGard becomes a âone stop shopâ for a bankâs anti-money laundering regulatory compliance needs.â