ComplyTech: GoldTier

GoldTier is a client onboarding system and compliance solution. It is now Thomson Reuters Client On-Boarding, a product within Risk Management Solutions.

GoldTier is a leading provider to financial firms of software for onboarding new clients in compliance with KYC regulatory requirements. Having reliable and up-to-date due diligence on potential clients is necessary to comply with KYC and similar regulatory requirements. The incorporation of Avox data into GoldTier’s onboarding system will provide financial institutions with streamlined access to constantly updated, quality data throughout the client management lifecycle. – Reuters

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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ComplyTech: Metavante/FIS Global

Metavante is a risk and compliance solution from FIS (Fidelity National Information Services), a major Financial Service Technology company. It focuses on regulatory information and reporting. MoneyCompliance has focuses quite a bit on tools for fraud and anti-money laundering, but this is different from those tools. This is very much a monitoring tools. The software solution used to be called Prime Compliance Suite. Because FIS focuses on payment technology, the compliance solution has taken a back seat. However, companies using FIS products are likely to see quite a lot of what used to be the Compliance Solutions integrated into the products by way of Fraud Management, ID Verification and ID Authentication.

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


ComplyTech: Accuity Compliance Solutions

Accuity is a technology company focused on the financial services industry. MoneyCompliance reviewed the database search product it developed for American Bankers Association early this year. (Not so great when it launched.) The company has a solution for compliance needs. No information could be gathered about what institutions are using the product.

A review of its offers seems to be along two lines: provides a centralized source of public data and integration into its other products. Accuity is clearly focused on providing more to its existing clients with its Compliance Solutions. Technology-wise, it is also much simpler to provide additional solutions to self-developed products.

This really means that the additional tools, when standing alone, compete with much bigger rivals like Thomson Reuters and Factset. Plus, one of its products seems to be powered by LexisNexis, so, it is merely an integration of another vendor’s product into its own product.

Not that there is no value in these solutions, but there isn’t a great amount of value unless Accuity is a primary vendor for your compliance department. That goes back to our first claim, which is that we do not know of any financial institution that uses Accuity.

However, there is great potential of Accuity. It is a subsidiary of Reed, a business information company. Should they really decide to invest in competing in this space, financial institutions will have more options. The question for Accuity is whether it has missed to boat on becoming the primary source of information for the compliance officer.


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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ComplyTech: Actimize

Nice Actimize

Actimize is the industry leader in ComplyTech. It was acquired by NICE, a software company that focused on big data analysis. Actimize brought with it financial industry knowledge, regulatory compliance and customers. Among the top 100 largest banks in the world, more than 25 of them probably use Actimize. Actimize is as close to a full service Compliance Suite as it gets so far. Even still, with its focus on the financial crime side of the department, it is lacking in tools for regulatory compliance. NICE would do very well by creating a joint venture with Thomson Reuters or Bloomberg or some other financial information company and making Actimize the Compliance Department’s sole function tool. (Obviously, it couldn’t compete with the ERP systems for the business management activities, though.)

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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ComplyTech: Tonbeller Compliance Solutions

Tonbeller Compliance Solutions is a competitor to Actimize. It also provides AML/Financial Crimes solutions, but it focuses more of Governance, Risk and Compliance solutions. That is to say, it is a GRC controls tool, primarily.

FICO is a network that Tonbeller is the primary partner of. FICO, Fair Isaac Corporation, is where a consumer’s FICO score comes from.


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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ComplyTech: Semagix

 

Semagix is a technology company that focuses on AML, Financial Crimes, KYC and EDD. The company name is a merger of semantic and magics. Semagix focuses on semantic search of the web with internal systems to build profiles on transactors through a financial institution’s systems. The company bought the AML technology by merging with SearchSpace in 2007.

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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ComplyTech: Mantas

FROM Bloomberg

Oracle Financial Services Software Introduces Oracle Mantas

Oracle Financial Services Software Introduces Oracle Mantas Energy and Commodity Trading Compliance (ECTC)

Automates Trade Surveillance and Expands Insight Into Trading Activities to Enable Compliance and Operational Risk Managers to Efficiently Monitor the Trading Behaviors of Energy and Commodities Market Participants

SAN FRANCISCO, CA — (Marketwire) — 09/21/10 — ORACLE OPENWORLD — Oracle (NASDAQ: ORCL)

News Facts

— Oracle Financial Services today introduced Oracle Mantas Energy and Commodity Trading Compliance (ECTC).

— Oracle Mantas ECTC provides comprehensive functionality to automate trade surveillance; identify unusual behaviors of interest on trading desks of energy and commodities market participants; effectively manage rigorous trading and market-making surveillance processes; meet stringent regulatory requirements; and achieve an operating environment that protects a firm’s reputation and customers. Compliance-Specific Platform Addresses New Regulatory Requirements

— Over the past several months regulatory agencies like the CFTC, FERC and FSA, have set clearer mandates and dispensed stiff penalties requiring energy market participants to intensify their compliance initiatives.

— In addition, the recent Dodd-Frank Wall Street Reform and Consumer Protection Act brings comprehensive reform to the regulation of over-the-counter derivatives and authorizes the CFTC to undertake further rule making, if required, that could benefit from automated trade monitoring.

— To address this regulatory landscape, Oracle Mantas ECTC offers financial institutions the ability to promote a culture of compliance throughout the organization and monitor proprietary and customer trading activity to:

— Identify potential instances of market manipulation, unfair treatment of customers, and market abuse using sophisticated pattern recognition techniques;

— Gain an enterprise-wide view of compliance risk through structured behavior detection “scenarios” and advanced alert generation tools;

— Increase visibility into trade-by-trade interactions between traders and other market participants to identify potentially problematic practices or inferior order handling;

— Detect complex behaviors that are difficult to monitor using spreadsheets or other manual mechanisms;

— Minimize false alerts;

— Work with imperfect market and/or trade data, such as omitted trade data elements like time stamps;

— Investigate individual alerts and automatically correlate and group related alerts for an enterprise-wide view of compliance risk; and

— Better respond to regulatory inquiry and examination.

— In addition, Oracle Mantas has integrated Oracle Business Intelligence Enterprise Edition (OBIEE) to enable compliance and supervisory users to further explore their trading data for unusual trends, patterns, or other behaviors of interest.

— Oracle Mantas ECTC is part of the Oracle Mantas suite of financial crime and compliance management applications, including Oracle Mantas’ Anti-Money Laundering, Fraud, Know Your Customer, Broker Compliance and Trading Compliance, which helps financial institutions to reduce false positives, achieve quicker time-to-compliance, and improve their audit cycles.

Supporting Quotes

— “Financial institutions and trading firms face increasingly rigorous regulations and compliance initiatives, including those governing energy and commodity trading. As the stakes continue to rise, firms must work quickly and efficiently to implement new measures, technologies and tools to protect their customers and their brand. Oracle Mantas ECTC combines industry-leading automated behavior detection and robust investigative analytics that enable unprecedented visibility into trading activity and compliance and marks a transformation in energy and commodity trade surveillance,” said Bill Nosal, Head of Product Management, Governance Risk & Compliance, Oracle Financial Services Analytical Applications.

Supporting Resources

— Automating Energy and Commodity Trade Surveillance – The Time is Now!
— An Oracle Whitepaper
— Automating Energy and Commodity Trade Surveillance — An Oracle On demand Webcast
— Follow Oracle Financial Services on Twitter
— Join the Oracle Financial Services Community on Facebook
— Oracle in Financial Services

About Oracle Financial Services Software Limited Oracle Financial Services Software Limited (referred to as “Oracle Financial Services Software”) (Reuters: ORCL.BO & ORCL.NS) is a majority owned subsidiary of Oracle. Oracle Corporation (NASDAQ: ORCL) is the world’s largest business software company. For more information, visit http://www.oracle.com/financialservices.

About Oracle Oracle is the world’s most complete, open, and integrated business software and hardware systems company. For more information about Oracle, please visit our Web site at http://www.oracle.com.

Trademarks Oracle and Java are registered trademarks of Oracle Corporation and/or its affiliates. Other names may be trademarks of their respective owners.

“THE FOLLOWING IS INTENDED TO OUTLINE OUR GENERAL PRODUCT DIRECTION. IT IS INTENDED FOR INFORMATION PURPOSES ONLY, AND MAY NOT BE INCORPORATED INTO ANY CONTRACT. IT IS NOT A COMMITMENT TO DELIVER ANY MATERIAL, CODE, OR FUNCTIONALITY, AND SHOULD NOT BE RELIED UPON IN MAKING PURCHASING DECISIONS. THE DEVELOPMENT, RELEASE, AND TIMING OF ANY FEATURES OR FUNCTIONALITY DESCRIBED FOR ORACLE’S PRODUCTS REMAINS AT THE SOLE DISCRETION OF ORACLE.”

 


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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