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

Cicada Profiler, CounterpartyLink Target KYC, Patriot, AML Clients

Subscribe to our newsletter

Cicada Cos. has added new functionality within its Reference Data Management Suite to help companies comply with the due diligence requirements of upcoming regulations including the U.K. Financial Services Authority’s ‘Know Your Customer’ framework and the U.S. Patriot Act. The company is also the first adopter of a recently upgraded version of sister company CouterpartyLink’s legal entity data feed, which among other things, helps with anti-money launder-ing regulation compliance (AML).

Cicada’s new capability, called Profiler, manages customer identification, account opening, review and verification.

The company feels regulatory complexities require an approach to managing customer data that goes beyond the creation of a centralized database alone. According to Hubert Holmes, executive vice president, Profiler’s focus is more on managing compliance requirements around customer data due diligence than on simply creating a consolidated repository.

Configurable rules provide built-in controls to assure that required customer record documentation has been attached and validated. The software enables a step-by-step approvals process. In addition, Cicada Profiler provides tools for AML risk-based customer profiling, which in turn helps automate the customer review and escalation process. The software also offers cross-referencing functionality and a document attachment facility for integrating customer record information.

Cicada Profiler has a fully configurable data model to enable storage and reference to all types of data required to provide a detailed analysis of customer records.

Cicada is also currently working on a legal entity data sourcing and custom-ized data management solution for a major bank. As part of that solution, it is using the recently upgraded version 1.2 of CounterpartyLink’s legal entity data feed.  

The feed is designed to help organizations meet requirements of AML compliance, credit risk management, securities processing and client database/CRM applications. 

Improvements in this version include more comprehensive and detailed listing, registration and regulator information and the inclusion of additional industry-standard identifiers.

CounterpartyLink data is collected in centres around the world. All data collection and intervention is supported by an audit trail to aid in meeting compliance requirements. Issuer and hierarchy data, as well as the related linkages needed to integrate with other data sources, are monitored continuously for corporate actions and other changes that affect the data.

The types of entities covered include corporations, funds and fund managers, financial institutions, governments, and most other common entities and their immediate, intermediate, and ultimate parents.

Data is available through a subscription-based license, driven by user-defined interest lists, and is delivered to customers on a daily basis, in a choice of file formats including XML and CSV (comma-delimited) files.
CounterpartyLink, which started up earlier this year (Reference Data Review, February 2005) is fully owned by the same owners of data management company Cicada.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Taking a holistic approach to buy-side data management

As data volumes and complexity continue to increase, buy-side data management is at an inflection point. Manual processes and data siloes are no longer fit for purpose, and firms need to take a more holistic approach to data management that not only reduces manual intervention and cost, but also increases data access and accuracy for...

BLOG

Optimising ISO 20022 for Cross-Border Payments

Why the LEI and BIC are a Perfect Fit for a Truly Global Identification Scheme By Clare Rowley, Head of Business Operations, GLEIF. Challenges in the cross-border payments market include high costs, low speed, limited access, and insufficient transparency. In October 2020, the G20 endorsed a roadmap to enhance cross-border payments. The roadmap was developed...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry, to explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility.

GUIDE

Applications of Reference Data to the Middle Office

Increasing volumes and the complexity of reference data in the post-crisis environment have left the middle office struggling to meet the requirements of the current market order. Middle office functions must therefore be robust enough to be able to deal with the spectre of globalisation, an increase in the use of esoteric security types and...