RA Computer, the SIA-SSB Group company specializing in the creation of software solutions and web applications for Banks, Businesses and Public Administration, and WorldCompliance, the US provider operating globally in the provision of value added information for finance and non-finance bodies, have signed a strategic collaboration agreement to develop innovative technological solutions for anti-money laundering and anti-terrorism.
The accord between the two companies, with a duration of five years, will further enable RA Computer to enrich its integrated technological architecture, specifically developed to prevent and combat money laundering and the bankrolling of terrorism, with WorldCompliances compliance database, one of the worlds largest, containing information on subjects marked with a high level of risk.
Italian financial intermediaries, professionals and nonfinance firms will have access to a data resource made up of over 1,200,000 profiles, compliant with over 100 legislations and regulations worldwide, including the 3rd EU Directive, FATF (Financial Action Task Force) and the USA PATRIOT Act (“Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism”).
The acknowledgement of the 3rd EU Directive on money laundering and terrorism, requires that operators in the Italian finance and professional sector carry out adequate checks, and monitoring and control activities to identify any suspect operations, thus allowing the operators themselves to manage risks effectively and protect their corporate image.
Hence the need to update not only their technology infrastructures but also their organization and corporate operative processes.
Thanks to the agreement with WorldCompliance, valid at Italian level with the option to extend it to the international framework, RA Computer will be able to offer a complete compliance solution to all those subjects under the new regulatory obligations regarding money laundering and terrorism.
More specifically, banks, electronic funds transfer companies, stock brokerage firms, investment management firms, open-end investment companies, Poste Italiane, the Italian bank for deposits and loans, financial intermediaries enrolled in the specific register as provided by articles 106 and 107 of the Consolidated Law on Banking (including Confidi Consortiums for the collective guarantee of loans), insurance companies, trust companies, brokers, chartered accountants, auditors, labor law consultants, lawyers, notaries, accountants and certified public accountants, as well as estate agents, casinos, art galleries, auction houses, antiques dealers, manufactures and dealers in precious goods, etc.
According to the most recent data contained in the report of the Ministry for the Economy and Finance presented to the Italian Parliament, 2007 saw an increase in the total number of suspected money laundering activities: through the 12,503 notifications (12,169 regarding suspected money laundering activities and 334 concerning possible funding of terrorism), brokers and professionals reported 20,942 anomalous movements of capitals, 24% up compared to the 16,860 of 2006.
Nevertheless, the total value of these movements showed a slight decrease, from 2.4 billion Euros in 2006 to 2.3 billion Euros in 2007, as did their average value, reduced from 140,000 Euros in 2006 to 110,000 in 2007.
The enforcement of anti-money laundering obligations – and in part the understanding and acceptance thereof still represents a serious obstacle for non-finance operators and professionals, as confirmed by the low number of reports sent (only 174 in 2007).