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Major international financial institutions launch Regulatory DataCorp. (News and Views).

The financial institutions that dominate the world market have pooled their efforts to form Regulatory DATACORP, International LLC (RDC), an independent for-profit company that will use global and large-scale public information databases to help clients manage their risks, their legal and regulatory requirements and areas affecting their international reputation. It will help financial institutions define and manage the risks associated with money laundering, financing terrorist activities, organized crime, fraud and corruption.

Implementation of RDC has been underway for two years, in collaboration with the main legal authorities for public information and the protection of personal information. During this period, the company created a world head office for public information that satisfies international standards and regulations as well as providing the tools necessary for clients who want to conduct automatic investigations of organizations, individuals and transactions in a general, profitable and timely way. Client companies will also be able to get continuously updated public information about existing relationships. RDC will help institutions comply with the best international industry and regulatory practices.

"RDC is the proactive reaction of the industry against serious threats to world security from money laundering, fraud, financing terrorism, organized crime and corruption," says William Catucci, who has been named the CEO of RDC.

Among the products developed by RDC are the Global Regulatory Information Database or "GRID" system. GRID compiles cumulative and current public records published by regulatory agencies in more than 50 countries and wire agency stories and other public sources throughout the world.

RDC was founded by the Goldman Sachs Group, Inc. in collaboration with leading world financial institutions, including Allianz AG, American Express Company, Bank of America Co., Bank of New York, Bear Steams Cos. Inc., Citigroup, Credit Suisse First Boston, JPMorgan Chase & Co., Deutsche Bank, GE Capital, Lehman Brothers Inc., Merrill Lynch & Co., Morgan Stanley, New York City Investment Fund, Prudential Financial, Inc., UBS AG, Wachovia Corp. and Wells Fargo & Co.

Julie Demers ( is associate French editor of CMA Management magazine.
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Title Annotation:Regulatory DATACORP International L.L.C.
Author:Demers, Julie
Publication:CMA Management
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 1, 2002
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