The leading knowledge platform for the financial technology industry
The leading 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

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.

Related content

WEBINAR

Recorded Webinar: Sanctions – The new pre-trade challenge for the buy-side

Sanctions screening at the security level is a relatively recent requirement for the buy-side. It dives deeper than traditional KYC and AML screening and is immensely challenging as firms must monitor frequently changing sanctions lists, source up-to-date sanctions data and beneficial ownership data, and integrate these to screen growing lists of potentially sanctioned securities. As...

BLOG

IHS Markit Automates Fund Onboarding While Ensuring KYC/AML Compliance

IHS Markit has launched Investor Onboarding, which allows fund administrators and investment managers to automate and centralise their client onboarding while meeting AML, KYC and tax-related compliance obligations. The fully hosted platform – an industry first according to IHS Markit – digitises and streamlines collection and creation of subscription, AML, KYC and tax documents for...

EVENT

A-Team Innovation Summit

The Innovation Summit will showcase the latest cutting edge and state of the art technology and data driven innovations taking place in capital markets and will explore progress in shifting to digital and agile operating models, to enable transformative change, faster speed to market and a competitive edge.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...