Prime Associates, a New Jersey-based provider of regulatory compliance software, has signed a contract to provide Commerzbank Securities with anti-money laundering and know-your-customer software.
Harry Lundgren, director of compliance for Commerzbank Securities in the US, says: "We are developing our anti-money laundering programme to be compliant with all the new requirements of the Patriot Act. We chose Prime Associates to provide us with state-of-the-art technology that will allow us to meet those requirements as a broker-dealer."