Registry of due diligence.
With financial services providers under mounting pressure worldwide to institute customer identification programs combating terrorist and drug-related money laundering, KYCOS Holdings Ltd. unveiled the International Registry of Due Diligence.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 of KYCOS.
"These rules are transforming the financial services landscape--imposing horrendous costs on institutions, including extraordinary fines for noncompliance."
Banks, savings associations, credit unions, trust companies, mutual funds, securities broker/ dealers and futures commission merchants 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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| Publication: | Real Estate Weekly |
|---|---|
| Article Type: | Brief Article |
| Geographic Code: | 4EUUK |
| Date: | Oct 22, 2003 |
| Words: | 211 |
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