BANKERSalmanac.com has introduced a new service to help reduce the overheads associated with the provision of due diligence data and completion of statutory compliance checks. The Due Diligence Repository will help banks respond to multiple requests for compliance data by making the documents available online.
The Due Diligence Repository allows banks to publish those documents required for compliance checks, including corporate governance information, bank license, anti-money laundering controls and articles of association. For subscribers, the information is available for publishing at no cost.
Kerry Hewson, Publishing Director of BANKERSalmanac.com says, “Penalties for non-compliance are becoming severe and banks must show that they are making every effort to check customer data and detect and deter money laundering. As a result, the industry needs a service that will enable BANKERSalmanac.com customers to carry out due diligence quickly and easily, without having to call and source data directly from the banks.”
The editorial team scans the documents and uploads electronic copies to the module. The data will be reverified or updated on a regular basis, according to BANKERSalmanac.com, and it plans to enhance the service over the next 12 months to include online updating and an alert service.