Know Your Customer

/Know Your Customer

What do banks need to know about their customers, but don’t?

Banks know many things about their customers.

They know these things for three reasons. The first is that they have to, writes Steve Goldstein. There are many regulations that require a bank to know its customers, primarily to prevent money-laundering and combat the financing of terrorism.

The second reason is to assess risk. Banks need to know […]

Three Wishes for GIINs

by Alan Samuels, VP Reference Data Solutions, Alacra Inc. for Inside Reference Data

GIIN identifiers being issued as part of compliance with US Fatca tax reporting law do not contain enough information, writes Alacra’s Alan Samuels, who offers suggestions on what ought to be done

There is an increasing focus on global intermediary identifier numbers (GIINs), […]

Bringing it All Together

It has become a cliché to say that satisfying the regulatory requirements facing financial services organisations comes down to data, but like many clichés, it is based on truth.

More accurately, firms need timely high quality data for reporting purposes and to automate many related processes such as KYC and anti-money laundering, as well as non-regulatory […]

Accuity Partners with Alacra for Improved KYC

NEW YORK & LONDON, 20 January 2015 – Alacra, the leader in client onboarding, reference data and business research solutions, today announced a partnership with Accuity, the publisher of Bankers Almanac, the essential reference source for financial counterparty assessment and efficient KYC due diligence. The partnership will integrate Bankers Almanac’s new […]

Alacra / NICE Actimize alliance creates new risk and anti-money laundering solution

Collaboration creates industry-leading customer risk assessment solution


22nd October 2014, New York & LondonAlacra, the leader in client onboarding, reference data and business research solutions, has announced today a formal alliance with NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest provider of financial crime, risk and compliance software […]

EMIR/Dodd Frank – award for Best Entity Data Solution goes to Alacra

9th October 2014, New York & London: Alacra, the leader in client onboarding, reference data and business research solutions, was announced today as the winner of the EMIR/Dodd Frank Best Entity Data Solution at the annual Data Management Summit held in London this week. With over 300,000 users at more than 200 institutions, […]

OCC Clarifies Its Expectations in Updated Guidance for Handling Third-Party Relationships – An Alacra Compliance Primer

In October 2013, the Office of the Comptroller of the Currency (OCC), the U.S. regulator of national banks, issued Bulletin 2013-29–guidance for assessing and managing risks associated with third-party relationships. The OCC defines a third-party relationship as “any business arrangement between a bank and another entity, by contract or otherwise.”[1] This bulletin […]

Alacra Compliance Primer – Enforcement Actions for U.S. Sanctions Violations Offer Lessons for Compliance

Barbara Keller, CAMS, CFCS, and former Deputy Associate Director for Compliance and Enforcement for FinCEN, has written a new Alacra Compliance Primer which details the evolution of several of the most significant cases of U.S. sanctions violation cases, some of which also included penalties for AML violations. Recent actions have been taken primarily against foreign […]

Alacra Compliance Primer – Robust Onboarding is Key to Customer Classification Compliance Under MiFID, FATCA and EMIR

As the push for transparency continues to evolve under MiFID, FATCA and EMIR, robust onboarding practices that comprehensively capture key attributes of each client, owner and counterparty will be needed to meet reporting requirements for customer classification. These regulatory schemes nudge existing AML/KYC systems into the realm of tracking client sophistication and understanding the purposes […]

Cross –Referencing Entity Data for a Client-Centric View of the Enterprise

A-Team Group just published an Industry Briefing focusing on entity identifier mapping as a key component to achieving a single view of the customer for financial institutions.  “Single view” is critical for complying with many different regulations in different jurisdictions.  It is also critical for risk reduction, cost reduction and more effective cross-selling programs. Alacra […]

By |May 22nd, 2014|Alacra, Know Your Customer, Posts, Reference Data|