Registry of due diligence.With financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers under mounting pressure worldwide to institute customer identification programs combating terrorist and drug-related 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. , KYCOS Holdings Ltd. unveiled the International Registry of Due Diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The center of a suite of services, the International Registry of Due Diligence may be the most comprehensive solution for companies beset by the growing roster of anti-money-laundering regulations--from the Anti-Terrorism, Crime and Security Act in the United Kingdom to the Patriot Act in the U.S. A high-volume, highresolution computerbased encrypted image bank, the KYCOS International Registry of Due Diligence scans and stores account holder ID documents. It enables financial services institutions to comply with the many due diligence regulations now requiring storage and maintenance of customer ID papers. "The KYCOS International Registry of Due Diligence and its attendant services offer an all-encompassing solution for financial services providers faced with the administrative burden of anti-money laundering regulations now proliferating worldwide," said John C. Bourbon, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of KYCOS. "These rules are transforming the financial services landscape--imposing horrendous costs on institutions, including extraordinary fines for noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance ." Banks, savings associations, credit unions, trust companies, mutual funds, securities broker/ dealers and futures commission merchants Futures commission merchant (FCM) A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts, subject to the rules of a futures exchange and, who, in connection with such solicitation or acceptance of orders, accepts any are having to institute customer identification programs as a result of new Patriot Act rules that went into effect Oct. 1. |
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