Semagix delivers anti-money laundering software.(CIRAS (Customer Identification and Risk Assessment)

Semagix announced recently that it is shipping its Customer Identification and Risk Assessment software solution, known as CIRAS. The CIRAS software is used by financial institutions to comply with `Know Your Customer' requirements detailed in the USA PATRIOT Act, Section 326.

Semagix is exhibiting its CIRAS solution this week at the 8th Annual International Money Laundering Conference in Miami, Florida. Semagix will be in booth #38.

Mayer Brown Rowe and Maw, one of the ten largest law firms in the world, uses Semagix's CIRAS software for anti-money laundering compliance. Built upon Semagix's patented semantics-based information integration technology, CIRAS allows Mayer Brown's corporate compliance team to identify, verify and report on high-risk individuals or companies through the automated aggregation and linking of information from a wide variety of public and private data sources.

"Knowing your customer is something that every financial institution must comply with now, and it goes beyond simple background checks," said Larry Levy, CEO and President of Semagix. "Current technologies were designed primarily for credit scoring, and they don't meet the requirements of new legislation. Semagix's CIRAS technology is unique in being able to infer relationships across huge volumes of data sourced from CRM applications, external watchlists, and other sources to discover pertinent information that pierces the individual or corporate veil."

Title III of the USA PATRIOT Act, and specifically Section 326 (the International Money Laundering Abatement and Anti-Terrorist Financing Act), requires financial institutions to "reasonably and practicably" know their customers.

Semagix's CIRAS technology goes beyond just verifying the identity of the customer, and extends or `enhances' information about a customer to include key relationships held by that customer, the sources and destinations of specific transactions, and the risk represented by each of these factors (e.g. if the destination is a bordering country to Iraq), etc. CIRAS uses patented semantic metadata techniques to infer relationships across huge volumes of information that can come from a wide variety of sources including internal CRM applications, external watchlists, or web pages. Because of its metadata approach, Semagix's CIRAS solution is able to scale to massive volumes of data and sources, and actually speed up decision and transaction processes.

Semagix's CIRAS lowers content procurement costs and allows companies to focus resources on higher priority queries through a process called "information triage." Similar to how a hospital accepts and prioritises incoming patients, Semagix' CIRAS develops a risk profile by first conducting an initial check to determine if a company or individual should be considered, and then engaging in deeper due diligence on all risk factors for a query. Using the CIRAS solution to comply with today's anti-money laundering regulations results in these additional benefits:

Semagix's CIRAS is available immediately with prices starting at $75,000.

Semagix has developed patented, semantics-based enterprise information integration (SEII) and knowledge discovery technologies. Using its semantic metadata approach, Semagix lets enterprise customers integrate and extract insights from their structured and unstructured information assets in order to conceive and develop smarter business processes and applications. The Semagix approach has proven itself in solutions as diverse as airline passenger risk-assessment for airports, anti-money laundering systems for the financial services and legal sectors, and a repertoire management and analysis application for the Media and Entertainment sector.

Semagix is headquartered in London, England with U.S. offices in Athens, Georgia, New York and Washington, DC.