Americas Software Signs Contract With Doral Bank to Install Anti-Money Laundering Software in North America.Business Editors/High-Tech Writers MIAMI--(BUSINESS WIRE)--July 1, 2003 Americas Software today announced it has expanded its relationship with Doral Bank, a subsidiary of Doral Financial Corporation Doral Financial Corporation is a financial holding company located in San Juan, Puerto Rico which offers a full range of financial services in Puerto Rico and the New York City metropolitan area through its wholly owned subsidiaries. (Nasdaq:DORL DORL Direcção da Organização Regional de Lisboa do Partido Comunista Português (Direction of the Lisbon Local Organization of the Portuguese Communist Party) DORL Demands Of Real Life ), and signed a contract to install AFACS//web and ASSIST//ck(R) anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. and regulatory compliance software at Doral Bank's New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. operations. The installations of AFACS//web and ASSIST//ck will enable Doral Bank to profile accounts and monitor transaction trends to detect, investigate and report money-laundering activity as required by the USA Patriot Act USA PATRIOT Act [Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorists], 2001, U.S. . Since March 2001, Doral Bank Puerto Rico, the island's largest originator of residential mortgages, has relied on ASSIST//ck for its anti-money laundering policies and regulatory-compliance needs. "We're pleased to expand our relationship with Doral Bank and support its anti-money laundering goals," said John Daly, president of Americas Software. "This contract demonstrates our proven track record in helping financial institutions simplify the processes required to identify suspicious activity and comply with domestic and international regulations." About Americas Software Americas Software, headquartered in Miami, develops, markets, and sells software that enables banks and other financial institutions to track, detect, investigate, report and manage suspicious activity, including money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. . The company's flagship product, ASSIST//customerknowledge (ASSIST//ck), analyzes how money moves in, around and out of financial institutions by analyzing account activities and transaction trends. ASSIST//ck and AFACS//web, a Web-based search engine that automates OFAC-compliance procedures, are currently installed at more that 100 institutions in 24 countries. For more information, call 305/377-3502 or visit http://www.americasoft.com. NOTE TO EDITORS: In the product names, ASSIST//ck and AFACS//web noted in this news release, there is a double slash between ASSIST and ck and AFACS AFACS A-Files Accountability and Control System (US INS) AFACS Academy for Forensic Application of the Communication Sciences AFACS Americas Foreign Asset Control Software (Americasoft) and web. This symbol may not appear properly in some systems. |
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