Sum2, LLC Introduces "PACO"™ Patriot Act Compliance Officer Software for Money Services Businesses (MSB)
Sum2 announces the release of PACO™ to address the anti-money laundering (AML) compliance requirements of Money Service Businesses. PACO™ is designed to provide a low cost single source solution for small and mid size MSBs. PACO™ will help owners of MSB's to detect and deter money laundering transactions and guard against fines and civil penalties due to non-compliance.
Little Ferry, NJ (PRWEB) February 26, 2007 -- Sum2, LLC, dedicated to serving the needs of the financial services industry, has formally released PACO™ for Money Services Businesses (MSB). PACO™ (Patriot Act Compliance Officer) is a multi-media browser based software application that addresses the anti-money laundering (AML) compliance requirements of the USA PATRIOT Act for financial services providers such as money service businesses, broker/dealers, hedge funds, commodity trading advisors and Registered Investment Advisors.
"PACO™ addresses the compliance requirements of Sections 352, 326 and 314 of the USA PATRIOT ACT, and has been traditionally targeted to a most under served segment of the compliance market, both small and mid-size firms. PACO™ is unique in that it integrates a complete compliance program in a single product for a fraction of the cost of what it would be if these services were contracted out for separately." stated James B. McCallum, President of Sum2.
According to Mr. McCallum, "PACO™ was originally developed to a help clearing firms, custodians and prime brokers to mitigate counter-party money laundering risk. PACO™ provided clearing firms and prime brokers an added level of assurance that correspondents, introducing brokers and hedge fund clients have an AML compliance capability that meets with acceptable regulatory standards, and that the risk of money laundering and terrorist financing through their franchise is greatly lessened."
What made PACO™ so relevant to the smaller financial service provider makes PACO™ an ideal solution for Money Services Businesses (MSB). PACO™ is designed so that small firms don't have to spend lots of money to comply with the AML regulations. "We take an expansive view of AML compliance. We offer an economical compliance solution for the small business person who is serious about protecting their business from the risk of money laundering.
For MSB's AML compliance is a mission critical application. Non-compliance with THE USA PATRIOT ACT could result in heavy fines, business closure and possible prison sentences for the MSB proprietor. In addition to monetary and reputation risk, a stringent AML compliance program will enable the MSB to make representations to its bank and ACH provider that it has the proper controls in place to detect and deter money laundering.
The USA PATRIOT Act requires MSB to conduct an audit of their AML program, provide AML training to employees, implement customer identification and customer due diligence procedures, file Suspicious Activity Reports with government agencies, and thoroughly document the program with a compliance policies and procedure manual. PACO™ integrates all these capabilities and provides a professional compliance manager the necessary tools to develop and administer a CIP program that meets all the requirements of Section 326 of the USA PATRIOT Act.
Mr. McCallum's stated that the primary objective of Sum2 is "to assist businesses and industries to implement corporate Sound Practices that add exponential value for shareholders, employees, clients and to the larger communities in which they operate and serve." PACO™ fully expresses the ideal of a Sound Practice business application that mitigates the operational risk of money laundering and protects the firm from potential fines and reputation risk that a money-laundering incident can expose the firm to.
PACO™ and other services offered by Sum2 can be ordered by contacting us at 201.440.1173. Sum2's mailing address is PO Box 184, Little Ferry, NJ 07643.
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