HILVERSUM, THE NETHERLANDS and STAMFORD, CT – August 16, 2007 – Syfact, a leading global provider of investigative case management solutions, today announced the launch of its new customer due diligence solution.
Customer due diligence, commonly referred to as “KYC” or “know your customer, ” is a critical aspect of both regulatory compliance and risk mitigation for financial institutions, and is an essential part of effective fraud and anti-money laundering (AML) programs.
Working with some of the world’s largest financial institutions for over ten years, Syfact has developed high-end investigative case management solutions, focused on delivering superior intelligence and analytical capabilities in a highly configurable and scalable environment. Leveraging these core capabilities and its considerable AML and fraud experience, the company has created a KYC solution that will meet the most demanding customer due diligence requirements, provide deeper levels of investigation and analytics than other tools that exist today, and perform effectively even over global-scale enterprises.
Syfact’s KYC solution, which can be used either as a stand-alone system or in conjunction with its fraud and AML management solutions, would be a key component in an institution’s account origination process, enhanced due diligence processes, and on-going due diligence and monitoring processes. Utilizing a risk score-based methodology, the Syfact system encompasses watch-list screening and third-party data source checks; bridges data silos across disparate information systems, corporate divisions, product lines, and geographies; and facilitates compliance with global and regional regulations and guidelines, including the USA PATRIOT Act, the FATF Recommendations, the EU Third Money Laundering Directive, and the Basel Committee KYC recommendations.
“With Syfact’s deep experience and expertise in financial crime solutions, KYC is a natural complement to our current product offerings,” said Jonathan Clarke, executive vice president and general manager of Syfact’s European operations. “Our new solution will not only bring exceptional capabilities and KYC best practices to our global client base, but will further increase the effectiveness of their AML and fraud investigations through enhanced intelligence. We have thus far received tremendously positive feedback on our approach to KYC, and we are quite confident that this solution will further strengthen Syfact’s position as a leader in our space.”
About Syfact Syfact is a leading global provider of investigative case management solutions, best practices, and technologies. For over a decade, Syfact has been trusted by many of the world's largest and most respected corporations and financial institutions, providing innovative solutions that both simplify and enrich the most complex fraud, money laundering, customer due diligence, and corporate security investigations. Syfact maintains offices in both North America and Europe. To learn more, visit
www.syfact.com
