Bankersalmanac.com has launched a Due Diligence Alert service. It is designed to reduce time and overheads, and to notify users when institutions have added or re-submitted documents to the online Due Diligence Repository.
Developed in association with the Wolfsberg Group, Bankersalmanac.com says the Due Diligence Repository provides a central registry for standard documentation required by banks to conduct due diligence on their banking counterparties.
With the introduction of the Due Diligence Alert, subscribers will automatically be informed of any changes or additions via a weekly email.
The Due Diligence Alert has two key options, My Watch list allows the user to create their own list of institutions which they want to monitor. Or, alternatively, they can be notified for all institutions by document type, such as bank licences, USA PATRIOT Act Certification, Anti Money Laundering Controls and corporate governance information. Events like bankruptcies, liquidations, and bank licence revocations are also covered.
“Our aim in developing the Due Diligence Repository was to try to help take the burden out of compliance,” says Kerry Hewson, the Director at Bankersalmanac.com. “Now, with the addition of the Due Diligence Alerts, we hope that this will further aid banks to make their working practices increasingly efficient. Instead of checking banks to see if any changes have occurred to their documents, subscribers to the Repository will be alerted each week when new or re-submitted documents are live.”
“This is an important resource for the industry,” adds Jeremy Wilson, the Co-Chair of the BAFT European Advisory Council, and Vice Chairman of Business Banking at Barclays Bank PLC. “With increasing regulation and pressures for banks to be fully compliant, a service which can help ease the burden of compliance and provide timely information on due diligence will be invaluable.”