Bankers' Almanac has re-launched its industry Know Your Customer (KYC) solution, the Due Diligence Repository. After extensive collaboration with industry practitioners from the Wolfsberg Group and member banks of the Bankers' Association of Finance and Trade (BAFT), the Due Diligence Repository has undergone a major redevelopment.
New features centre on providing users with additional data such as offshore licences, US Tax IDs and AML Auditors for internationally operating banks, together with enhanced audit processes to reduce need for banks to re-check documentation. The Due Diligence Repository was initially launched by Bankers' Almanac in 2004, in association with the Wolfsberg Group, to provide the primary information required to conduct due diligence checks on bank counterparties.
Currently the repository contains in excess of 72,600 documents against 46,400 financial institutions, comprising licences, corporate governance documents, anti-money laundering policies, USA PATRIOT Act/Foreign Bank Certification and the Wolfsberg Group Anti-Money Laundering Questionnaire.
Kerry Hewson, Director of Bankers' Almanac, commented: "Our objective has always been to establish the Due Diligence Repository as the global de-facto industry standard, providing consistency and conformity in due diligence document checks and reducing the administrative burden that banks face when conducting KYC assessments on their counterparties. The re-launch is the result of ongoing collaboration with practitioners to develop the Repository and ensure it continues to be developed by the industry for the industry."
Charles H. Silverman, President, Board of Directors at BAFT said "BAFT have been working with Bankers' Almanac to refine the Due Diligence Repository, ensuring it continues to meet the needs of the industry. Following the successful re-launch of the Due Diligence Repository, BAFT are confident that by using it for primary KYC information, it ultimately brings a tremendous benefit to the industry."