Updated WSP Online Tool Will Help Financial Institutions Remain Compliant with New AML Rule |
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Written by U.S. Insurance News
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Sunday, 10 February 2008 |
It can't be helped. Laws passed to protect U.S. citizens add to the regulatory burden of financial institutions.
Wolters Kluwer Financial Services wants to ease that burden.
As of February 5, financial institutions must apply enhanced due diligence procedures when opening new accounts for certain foreign banks.
To help institutions meet this new anti-money laundering (AML) rule, Wolters Kluwer has updated its content management tool, Written Supervisory Procedures (WSP) Online. WSP Online's AML section has been revised to address this new rule, spelled out in Section 312 of the USA PATRIOT Act. The updated management tool will help broker-dealers revise their written supervisory procedures manuals.
The Financial Crimes Enforcement Network's rule within the PATRIOT Act also stipulates that institutions must document enhanced due diligence for existing accounts by May 5.
"This is just one example of the regulatory changes that are constantly taking place within the financial industry," explained Peter Berkery, general manager of Securities Compliance Solutions at Wolters Kluwer Financial Services. "Our goal is to ease the burden of monitoring these changes and help broker-dealers ensure they are continually in compliance with written procedure rules."
WSP Online helps compliance departments meet FINRA(r), NYSE(r), MSRB, and SEC regulatory rules by tracking, updating, and interpreting a wide variety of compliance issues, including AML regulations, supervisory controls, and insider trading. Financial institutions use this information and technology to create, customize, and update a manual for their business and employees.
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