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

Bankers Almanac Re-launches Due Diligence Repository with Wider Coverage and Enhanced Audit Processes

Subscribe to our newsletter

Bankers’ Almanac has re-launched its industry Know Your Customer (KYC) solution, the Due Diligence Repository, with added data coverage and enhanced audit processes aimed at reducing the need for re-checking of documentation. The vendor indicates the new additions have been developed with the assistance of industry practitioners from the Wolfsberg Group and the member banks of the Bankers’ Association of Finance and Trade (BAFT).

Additional data provided in the re-launched solution includes offshore licences, US tax identifiers and anti-money laundering (AML) auditors for internationally operating banks. Kerry Hewson, director of Bankers’ Almanac, explains that the solution, which was first launched in 2004, is aimed at providing the primary information required to conduct due diligence checks on bank counterparties.

“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 KYC assessments on their counterparties. The re-launch is the result of ongoing collaboration with practitioners to develop the repository and ensure it continues to be developed by the industry for the industry,” Hewson elaborates.

BAFT publicly supports the re-launch of the solution, says Charles Silverman, chairman of the board at the trade body. “BAFT members have provided Bankers’ Almanac with feedback on enhanced features to expand the features of the Due Diligence Repository, ensuring it continues to meet the needs of the industry,” he explains.

Currently the repository contains in excess of 64,500 documents against 16,800 financial institutions, comprising licenses, corporate governance documents, AML policies, USA Patriot Act/Foreign Bank Certification and the Wolfsberg Group AML Questionnaire.

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

FSB Guidance for Supervisors – Tracking Systemic AI Adoption Risk

The Financial Stability Board (FSB) has released detailed guidance on how regulators and supervisors should monitor the adoption of artificial intelligence (AI) across the financial system. The report, Monitoring Adoption of Artificial Intelligence and Related Vulnerabilities in the Financial Sector, provides a practical framework for identifying where AI use may introduce or amplify systemic risks....

EVENT

RegTech Summit New York

Now in its 9th year, the RegTech Summit in New York will bring together the RegTech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2014

Welcome to the inaugural edition of the A-Team Regulatory Data Handbook. We trust you’ll find this guide a useful addition to the resources at your disposal as you navigate the maze of emerging regulations that are making ever more strenuous reporting demands on financial institutions everywhere. In putting the Handbook together, our rationale has been...