Solcara and World Check Partner to Defeat Money Launderers

Solcara and World Check have announced an agreement to work together in delivering the ideal solution for all those organisations who must comply with increasingly stringent Anti Money Laundering (AML) legislation.

(PRWEB) March 13, 2005 -- Solcara and World Check have announced an agreement to work together in delivering the ideal solution for all those organisations who must comply with increasingly stringent Anti Money Laundering (AML) legislation.

Solcaras ability to search simultaneously across all internal and external data sources combined with World Checks unrivalled database of individuals that are politically and financially exposed both directly and, as a result of their associates, provides an unbeatable combination. Solcara can embed the World Check database within its Compliance Manager software suite.

Any high risk individuals or companies are identified quickly and accurately before exposing the organisation to serious risk of prosecution under AML legislation. This delivers an ideal method of ensuring you Know your Client (KYC) and with Solcaras ability to automatically run regular scheduled checks in the background without any manual intervention, Continuous Know your Client (CKYC) becomes a reality.

Compliance Managers can now be confident that staff throughout the organisation are complying with the latest AML legislation and that the technology being used to carry out these checks is already in use by many of the worlds investigating authorities. Automated checks of new individual and company credentials is run against internal and external databases including World Check and Companies House information and new accounts will not be opened until these credentials are properly verified.

Ongoing automatic checks can be run on a regular quarterly or monthly basis thereby ensuring that monitoring of existing clients is done efficiently and effectively without increasing the work load or requiring additional staff. Emails are delivered to the relevant personnel alerting them to significant changes in an existing clients circumstances.

A comprehensive audit trail ensures that not only have you taken all reasonable measures to ensure compliance but you can prove it! All of this is delivered without increasing overheads and ensures that the serious risk of punitive fines and damage to reputation is avoided.

According to Ray Jackson, Solcaras MD, with over 25 billion of criminally sourced funds being laundered each year in the UK, it is hardly surprising that the authorities are determined to crack down on organisations that knowingly or unknowingly assist criminals in securing their ill gotten gains. Drug peddlers, terrorists and financial fraudsters are the scourge of our times and their activities must be curtailed. Our alliance with World Check gives our clients the very best protection against becoming involved with these criminals and just as importantly provides conclusive evidence that the organisation has done everything possible to comply with AML legislation".

David Leppan, Director of World Check said World-Check is delighted to partner with a Solcara. Solcaras application has been proven to be of great value not only to the financial industry but across many enforcement agencies. The ongoing screening of clients is key to risk reduction. By being World-Check enabled, Solcara has further enhanced its recognised and respected solution".

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