International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, has launched their new product, IPBS/Business Manager a culmination of the integration of the former IPBS/Trust Administration and IPBS/Compliance offerings with additional functionality.
IPBS/Business Manager provides the governing framework for managing clients and related parties from a KYC/AML (Know Your Customer/Anti Money Laundering) viewpoint, as well as defining and documenting simple or complex structures for Individuals, Trusts, Companies, Partnerships, Foundations, and any other legal or quasi legal entities.
In keeping with the latest KYC/AML regulation mandates, IPBS/Business Manager offers a user defined risk rating scheme within the client structure, allowing an assessment of the aggregated weight risk of the client relationship (s) from a corporate risk perspective. These aggregated scores can then be measured against enterprise benchmarks of Low, Medium or High or any variant of these.
Interfaced with an in-house copy of any of the Criminal Watch List providers, IPBS/Business Manager enables private due diligence Investigation on prospective clients and relationship names. Other features Include consistent data scrubbing against watch list updated data. Where watch list providers offer Unique Record Numbering in the database IPBS/Business Manager allows marking and filtering out of false positive “hits” on any unique internal external pair.
“IPBS/Business Manager is a response to changes in the market, particularly the KYC and AML regulatory requirements,” says Bruce Raine, the Founder and President of IPBS. “This new NET solution delivers additional functionality and ease of implementation, ensuring that our clients keep pace with market forces, business trends and regulatory initiatives whilst enabling them to continue to deliver a high quality and timely service to their customer base.”