The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Bankers Almanac Launches Online Document Verification for its Due Diligence Repository

Bankers Almanac, a provider of reference data for payments, due diligence and risk assessment, has announced that its Due Diligence Repository now has online document verification.

The new Manage My Documents feature allows providers of the documents to review, confirm or supply replacements online into the Due Diligence Repository. It increases the speed at which compliance personnel at banks can update their own documents in the Due Diligence Repository. All documents have to meet Bankersalmanac.com’s strict quality control criteria before they are published on the Due Diligence Repository, to reduce the need for banks to re-check information.

The Due Diligence Repository was launched by Bankers Almanac in 2004, in association with the Wolfsberg Group, to provide the primary information required to conduct due diligence checks on bank counterparties. Containing copies of banks’ key documents including licences, articles of association, anti-money laundering controls, USA PATRIOT Act Certification, annual reports and the Wolfsberg Group Anti-Money Laundering Questionnaire, the Due Diligence Repository has become the global industry standard, reducing the burden that banks face when conducting Know Your Customer (KYC) assessments on their counterparties.

Commenting on the development, Kerry Hewson, director of Bankers Almanac, says: “The launch of the Manage My Documents feature within the Due Diligence Repository will provide a considerably more efficient way for banks to review and update their documents. This ultimately benefits the industry as a whole by ensuring all departments within banks that use the Due Diligence Repository, such as compliance, Anti-Money Laundering or correspondent banking, have access to the very latest documents available.”

Related content

WEBINAR

Recorded Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The regime is fundamentally different to that of the EU, requiring financial institutions to rethink their response...

BLOG

Moody’s DataHub Opens Door for Data Scientists to Explore Billions of Data Points

Moody’s integration of data from across the company into DataHub, a cloud-based data exploration and analytical platform, provides data scientists and analysts across financial services firms with a single location to access, analyse, model and consume billions of data assets. Twelve Moody’s datasets, including entity data from Bureau van Dijk’s Orbis database and ESG data from...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...