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 BlackList module a robust system for monitoring of money-laundering activities.
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For more information about BlackList or any Koger product or service, contact us at info@kogerusa.com or call +1-201-291-7747.