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The benefits of a compliance software are to help identify financial fraudsters and enable banks and financial institutions to filter customers and their transactions for violations. Compliance software can detect suspicious activities and automatically file the corresponding regulatory reports to agencies such as FinCEN.
For global banks, look for compliance software capable of handling requirements of both the International Accounting Standards (IAS) and Basel Capital Accord (Basel II).
The European Commission has adopted the standardized International Accounting Standards (IAS) framework and the Basel Capital Accord (Basel II) mandates a more risk-sensitive framework.
Established in 1982, Prime Associates, Inc. is a leading provider of critical regulatory solutions that help to detect money laundering, and fraud activities as well as OFAC & Global sanctions violations.
Product: Compliance Managerô from Prime Associates is an integrated suite of software products designed for use by the financial services industry. * USA Patriot Act * Anti-Money Laundering * OFAC & Sanctioned Party Filtering * Bank Secrecy Act & Know Your Customer
Clients: Met Life, Mellon Bank, Northwestern Mutual
Links to other compliance software resources.
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