London, UK (PRWEB) August 26, 2004
Among the many things that financial services firms are required to do to comply with the anti-money laundering (AML) regulations, identity verification and documentation figures high on the list. A key part of the AML legislation globally is the importance of knowing your client in terms of identifying the person with whom you are transacting and the documenting of the information used to establish this.
Hitec offers the benefit of enterprise-wide Electronic Document Management to store the information collected by STB-Detector for the purposes of account opening due to diligence and related documentation.
As a part of a comprehensive Risk and Compliance solution, STB-Detector and DatastoreÂ® provide the perfect answer to a firm's AML procedures in the area of KYC. The solution addresses the growing needs of financial institutions to better control and manage their risk exposure to opening an account with inadequate or incomplete documentation. At the same time, it maximises the ability to recall this data from off-line storage as and when required, whether for internal management or external review.
Additionally, due to the tight integration of DatastoreÂ® with STB-Detector, the entire set of documentation can be recalled within STB-DetectorÂs suspicious activity module (SAM) should a suspicious transaction be identified. This information can include such items as scanned cheques, letters of credit or whatever else a firm might hold on the individual or corporation.
Hitec and STB Systems have helped many financial institutions around the world in the implementation of Risk and Compliance initiatives, including anti-money laundering. The DataStoreÂ® product suite consists of a full range of browser based Electronic Document Management elements. Single modules may be implemented to address individual application requirements, or they may be implemented as an enterprise wide EDM solution.
The implementation of DataStoreÂ® provides a major opportunity for more efficient and rewarding work practices. Hitec's unrivalled professional services programme ensures a smooth transition to the electronic storage, retrieval and secure re-use of vital Corporate Information. DataStoreÂ® extends the traditional boundaries of electronic archiving by combining browser based solutions.
STB-Detector, STBÂs proprietary anti-money laundering system, provides a comprehensive addition to the defences of any financial institution.
The system has four modules:
Â Suspicious Activity Monitoring
Â Account Opening Due Diligence
Â Watch List Monitor
These modules provide extensive coverage of all the key areas of compliance the MLRO (Money Laundering Reporting Officer) requires. Account movements can be checked against historical and peer group patterns, and against a variety of absolute and flexible thresholds. Account opening ÂKnow-Your-CustomerÂ procedures are enhanced and documentation renewal reminders can be generated. Customer databases and payments may be checked against any number of internal and external sanctions lists.
STB-Detector is fast establishing itself as a global solution to money laundering controls, with installations in New York, London, Hong Kong and Singapore.
HitecÂs Managing Director, Jeremy Crame said, ÂThis agreement is part of HitecÂs continuous efforts in providing solutions in the area of Risk and Compliance to our financial services clients. The combination of HitecÂs extensive expertise and implementation capabilities and STB SystemsÂ products will help financial institutions implement a cost-effective solution in meeting their AML compliance requirements."
Commenting on the agreement, Michael Thomas, Group CEO of STB Systems said, "We are delighted to work with Hitec (Laboratories) Ltd in delivering an effective AML solution just about anywhere it is needed. We foresee the attractive pricing of STB-Detector and the expertise of Hitec (Laboratories) Ltd will ensure this is a most attractive solution for the financial services industry.Â
About Hitec (Laboratories) Ltd
Established in 1991, Hitec has grown the customer base dramatically to include an impressive list of high profile clients from various industry sectors. Over 500 installations have been successfully completed worldwide with revenues continuing to grow. Continued investment and commitment in respect of research and development has enabled Hitec to expand significantly in the Electronic Document Management marketplace.
Our exceptional growth is a result of increased brand awareness coupled with an excellent reputation in the field which has led Hitec to become leaders in the EDM market.
About STB Systems
STB is one of the worldÂs leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB has offices in London, New York, Hong Kong and Singapore. STB's solutions are designed to automate the critical controls that protect financial institutions, handling internal and external reporting to satisfy the relevant regulatory bodies and assist in compliance with anti-money laundering procedures. The company is one of just five recognised by the Bank of England for electronic reporting and works closely with many other respected industry bodies. STB's core competence puts them at the forefront of regulatory and compliance technologies, offering the best of breed solutions for their customers.
45 Curlew Street
Tel: +44 (0)20 7403 2188
Fax: +44 (0)20 7403 4425
Hitec (Laboratories) Ltd
Tel: +44 (0)1753 583000
Fax: +44 (0)1753 593322
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