Fortent, a company designed to aid companies in complying with new and changing federal regulations, announced its launch Wednesday.
The new company combines Searchspace, an anti-money laundering solution,
and Semagix, a Know Your Customer and Enhanced Due Diligence product, into a single brand.
Regulators have increased their pressure on companies in recent years to stem the occurrence of money laundering which is sometimes used to fund terrorist activity and to address the estimated $500 billion to $1 trillion of “dirty money” flowing through the world’s financial markets each year, especially since the terrorist attacks of Sept. 11, 2001.
With this stepped up law enforcement and the broad new requirements of the USA PATRIOT Act and Bank Secrecy Act, financial institutions are having to adapt quickly in a regulatory environment that changes rapidly and often leaves questions about complexities in regulatory requirements.
Fortent says its goal is to offer guidance to companies in the midst of retooling their operations to meet new requirements.