About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

BAFT and Bankersalmanac.com Collaborate to Extend Due Diligence Repository

Subscribe to our newsletter

Originally appeared in MiFID Monitor

Bankersalmanac.com and the Bankers’ Association for Finance and Trade (BAFT) have agreed to collaborate on promoting and extending the coverage of the reference data vendor’s Due Diligence Repository, which was launched in 2004. The repository has been set up by Bankersalmanac.com as an industry utility and BAFT will be engaged in encouraging its member banks to submit their compliance documents and subscribe to the repository as a source of data for compliance.

Charles Silverman, president, board of directors at BAFT, explains: “The development of Bankersalmanac.com’s Due Diligence Repository as an industry tool offers considerable efficiency gains, both across the sector and within individual institutions. As a global industry association, BAFT recognises the value of such a service.”

The Due Diligence Repository was launched in association with the Wolfsberg Group and provides the primary information required to conduct due diligence checks on bank counterparties, says the vendor. Currently, it contains more than 64,500 documents against 16,800 financial institutions, comprising licences, corporate governance documents, anti-money laundering policies, USA Patriot Act/Foreign Bank Certification and the Wolfsberg Group Anti-Money Laundering Questionnaire.

With a view to encouraging wider industry adoption, BAFT formed an advisory group from its member banks who attended a workshop hosted by Bankersalmanac.com earlier this year to review the existing Due Diligence Repository together with proposed feature and methodology enhancements.

Kerry Hewson, director of Bankersalmanac.com, comments: “Our objective has always been to establish the Due Diligence Repository as the global de facto industry standard, providing consistency and conformity in due diligence document checks and reducing the administrative burden that banks face when conducting know your customer (KYC) assessments on their counterparties. The support of associations such as BAFT and the Wolfsberg Group is of major importance to us in developing the repository to meet industry needs and our collaboration with both associations will bring further value to the sector.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Sponsored by FundGuard: NAV Resilience Under DORA, A Year of Lessons Learned

The EU’s Digital Operational Resilience Act (DORA) came into force a year ago, and is reshaping how asset managers, asset owners and fund service providers think about operational risk. While DORA’s focus is squarely on ICT resilience and third-party dependencies, its implications extend deep into core operational processes that are critical to market integrity, investor...

BLOG

Encompass Updates Digital Identity Service to Eliminate Stale KYC Data

More than a decade of Know Your Customer (KYC) regulations has left financial institutions with a potential time bomb in their data systems. Outdated and legacy onboarding data has the potential not only to lead to erroneous decision making but also potentially crippling fines from compliance breaches. There are many reasons why KYC data might...

EVENT

TradingTech Summit New York

Our TradingTech Summit in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Alternative Trading Systems Directory 2010

The year since we launched our first edition of the A-Team Alternative Trading Directory has passed by in a flash (no pun intended). And while the rate of expansion of the alternative trading system sector may have slowed – even consolidated somewhat – in the more established centres, their onward march continues both in terms of credibility, and of uptake...