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

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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.

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