Former head of Citigroup’s custody business Sandy Jaffee will now serve as CEO of Fortent, a company designed to aid companies in complying with ever-evolving federal regulations.
Jaffee brings with her to Fortent some former Citigroup colleagues with whom she worked in the corporation’s securities services division, including Robert Binney, Ray Parodi and Ed Baum.
Fortent, the company says, is designed to offer assistance to companies left confused by rapidly changing regulatory requirements.
And Fortent’s offerings may soon become more appealing to corporations because of increased pressure on companies to stem the occurrence of money laundering.
Federal regulators have shown a rising interest in halting money laundering lately because it is sometimes used in funding terrorist activities, and regulators have even used tracking techniques that some have called controversial to uncover laundering activities, as seen in recent reports concerning the US government using the SWIFT network to track suspected terrorists.