ACE Software Solutions, a developer of fully integrated Straight Through Processing (STP), and Anti Money Laundering (AML) application provider for payments and transaction processing solutions for the financial sector, says Harbor Funds Distributors, Inc., (Harbor), the distributor of Harbor Funds, has purchased and will soon implement ACE Software Solutions’ AML Toolkit, combining AML Guard and OFAC Guard to comply with anti-money laundering and anti-terrorism regulations.
“We were looking for a solution that would work well in a fund management and broker/dealer environment,” says Constance Souders, the VP of Harbor Funds. “Most of the solutions we encountered were for banks with multiple locations. ACE, while able to serve such distributed organisations, works just as well for our less complex geographical requirement.”
Harbor needed to improve the automation of monitoring for suspicious transactions such as the rapid movement of funds and structuring, while also checking counterparty names against embargo lists such as OFAC, FATF, EU, and PEP in real-time. Harbor opted for ACE’s AML Toolkit solution because it combines both activities.
“Harbor’s choice of ACE Software demonstrates how its flexible deployment options are as applicable to fund management and broker dealer industries, as well as the banking and credit card sector,” adds Parth Desasi, the CEO of ACE Software. “It is particularly gratifying to have succeeded in such a wide-ranging and rigorous review of available products and we look forward to helping Harbor add value to the compliance process.”