Concerns about money-laundering, as well as the need to Know-Your-Client (KYC), have always been an important part of the day-to-day operations of financial institutions that attract investments from all over the world. The events of September 11th, however, changed everything. Knowing your clients, as well as the source of their assets, is a vital aspect of the defense against terrorism and other criminal activities. Compliance procedures are stricter, and legislation, such as the U.S. Patriot Act, has made background checks mandatory. Since the stepped-up war on terror, lists of persons with questionable backgrounds are more important to financial bodies and regulatory agencies. Financial institutions now are required to check potential investors against those lists or risk fines or other sanctions. To address this vital part of day-to-day operations in the financial world, Koger developed the Universal Monitor of Blacklists (UMB).
An NTAS module, the UMB streamlines the compliance process through management and reporting tools. It enables NTAS to link, transparently, to any blacklist, especially those mandated by government agencies. Once linked, NTAS continuously checks all shareholders, related parties, and other entities. This automatic, 24-hour a day process guarantees that no existing entity, or one being added, will be saved into the system unless it clears a check against all blacklists. The UMB immediately reports any match to an NTAS administrator, who then can follow organization procedures or legal requirements.
Licensing the UMB module creates a very robust system for real-time monitoring of money-laundering activities using up-to-the-minute blacklist data. It eliminates the need for time-consuming, error-prone manual procedures.
For more information about UMB module or any Koger product or service, contact us at info@kogerusa.com or call +1-201-291-7747.