31 Broad Street, St Helier,
Jersey, JE2 3RR
Level Five Technologies Announces Alliance with Infrasoft Technologies and World-Check to Offer a Risk Management Solution to Help Financial Institutions Detect Money Laundering Activities
Level 5 Technologies, a locally based software solutions company, today announced that it has formed an alliance with Infrasoft Technologies and World-Check to provide a comprehensive enterprise-level fraudulent detection and risk management solution.
To meet the needs for all local financial institutions irrespective of the jurisdictions in which they are operating, Level 5 Technologies have identified two dedicated web based interface solutions.
NameCheck and KYC
The NameCheck and KYC software provides a cost effective, easy to use solution for all financial institutions, irrespective of size and complexity.
The NameCheck capability automates the checking and screening of customer data against World-Check’s extensive global list of high-risk individuals and businesses. It creates exception reports directly for the MLRO, thus ensuring efficient compliance with regulations whilst also respecting the privacy needs of customers. It can also check data from a number of other sources including Bank of England and OFAC.
The KYC element enables financial institutions to integrate core customer data and create a central profile for each customer. The information may range from account details, country of domicile, nature of business, contact details and the known history of the customer.
Risk Management & Anti-Money Laundering
The Risk Management & AML product builds on the NameCheck and KYC benefits to provide an extensive Risk Management & AML software solution to all financial institutions.
Key benefits include comprehensive customer tracking, profiling, reporting and query capabilities. It captures customer details, stores and executes rules, monitors trades and flags violation of transactions against customer profiles and rules that are tailored and customised to meet specific business and regulatory requirements. The system will generate statutory reports and Suspicious Transaction Reports and MIS reports automatically.
This enhanced AML software solution can be fully integrated with existing systems and workflow, and includes customer identification, comprehensive KYC as well as case management capabilities. Reports based on predefined criteria or pattern analysis can also be generated automatically. Business risk can be further reduced by a sophisticated Customer Risk Rating capability, based on a number of business and regulatory risk parameters, and which can help to uncover complex money laundering operations.
It is compliant with PoCA 2002, Terrorism Act 2000, DP-22, ML Regulations 2003, EU ML directive, Swiss regulations, JFSC, FIU, CIMA and other leading global AML guidelines.
“World-Check is delighted to be partnering with Level 5 Technologies. We have an extremely strong presence in the Channel Islands and value the business we do here. Partnering with a local company to be able to offer a local solution shows our commitment to this important financial industry” said David Leppan, Director of World-Check.
For further details, as well as information on other products and services provided by Level Five Technologies, please contact Caroline Roberts on 01534 769805 or e-mail .
About Level Five Technologies
Level Five Technologies Ltd was established in 2003 and is dedicated to providing flexible, innovative and focused technology solutions to the offshore finance industry.
Based in Jersey, Level Five Tech specialises in helping organisations to deliver tangible profit growth and regulatory compliance through the use of proven, quality assured and value for money IT solutions. It achieves this through a combination of its own comprehensive understanding of the offshore finance industry and by taking time to understand the unique requirements of each organisation, identifying and sourcing practical solutions that range from tailor-made software development, to
off-the-shelf products. With its own highly developed project management capability, Level Five Tech then ensures the co-ordination and implementationof the chosentechnology solution, acting as the focal point with organisations and providing a comprehensive after sales service.
About World-Check
World-Check serves almost 1000 institutions, including 180+ regulatory and government agencies in over 65 countries, with its global list of heightened-risk individuals and organisations. World-Check assists institutions in mitigating reputational, financial and compliance risk by monitoring and correlating risk-related information on high-risk entities. Financial institutions can therefore very efficiently screen their new and existing customers for risk on a routine basis. Recognised as an industry pioneer, World-Check has revolutionised and ‘standardised’ global Know Your Customer (KYC) and PEP screening.
For more information please visit Robert Mitchell at.
About InfraSoftTech
Established in 1995, InfraSoftTechnologies is a fast growing company with a global footprint with offices in the Americas, Europe, Middle-East and Asia and a global partner network in 30 countries. InfraSoftTech already works with over 100 banking & financial institutions across the world to provide focused and innovative cutting edge technology solutions and software services for financial institutions. InfrasoftTech has reference sites for AML solutions in UK, USA, Middle-East and Asia in very large to small financial firms
InfrasoftTech is a CMM Level 5 & ISO-9001 2000 certified company delivering specialized domain based software solutions & services for financial institutions.
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