RDC Event Monitoring™: The Cost-Effective Means to Ensure Counterparty (“Pseudo-Client”) Compliance
NEW YORK & LONDON--(BUSINESS WIRE)--Regulatory DataCorp, Inc. (RDC), the world’s leading anti-money laundering (AML) solutions provider, today announced a full release of the RDC Event Monitoring™ product, the first of its kind to deal with the counterparty or “pseudo-client” compliance challenge. This all-in-one solution conducts a due diligence screen on all originators, beneficiaries, originator banks, beneficiary banks, and intermediary correspondent banks across all of a bank’s funds transfers. RDC Event Monitoring makes full use of RDC’s industry leading technology and service platform, effectively allowing banks to achieve compliance in record time and at minimal additional cost. It also drives greater efficiencies across each bank’s transaction monitoring capabilities, significantly improving the quality of transaction alerts generated, driving increased processing synergies.
“Counterparty compliance has plagued the industry for the last 20 years”
"Counterparty compliance has plagued the industry for the last 20 years," said Tom Obermaier, Chief Executive Officer of RDC. "Banks have rightfully spent most of their resources on conducting due diligence on their clients, but knew little, if anything, about the parties with whom their clients dealt, instead relying upon the vicissitudes of transaction monitoring systems." "Banks just didn’t have the resources to conduct open ended diligence inquiries on all the parties to a transaction. There was simply not enough budget or time to complete the task. That is, until today, when they can rent RDC’s platform to cost-effectively solve this compliance dilemma."
RDC has worked in beta with several large financial institutions to perfect RDC Event Monitoring. These global banks have recently implemented the solution to quickly gain compliance across the pseudo-client spectrum. The RDC solution resolves data quality challenges by providing accurate event monitoring and produces risk alerts on direct and indirect transaction relationships, all while accommodating tight budgets and meeting immediate timelines.
RDC’s event monitoring goes far beyond both traditional payment screening and transaction alert processing, allowing clients to screen all payment counterparties to the high standards they apply to their clients without adding significant additional expense. The technology also allows clients to configure diligence modules to target specific business lines and geographies, with the entire processing effort fully supported by RDC’s industry leading analysts, who screen out false positives and conduct research according to specific areas of risk. RDC Event Monitoring is a fast and efficient, plug-and-play solution. This solution is dynamic enough to significantly enhance the clients’ transaction monitoring efforts. Through highlighting high risk counterparties and showing potential linkages with other organizations and individuals, RDC Event Monitoring strengthens the banks’ own paradigm transaction algorithms while at the same time increasing relevance of alerts generated through pattern detection.
Regulatory DataCorp, Inc. (RDC) is the leading anti-money laundering compliance solutions provider. It offers superior technology and operational services through its unique platforms, allowing firms world-wide to gain superior compliance protection, conduct reasonable diligence, and manage supply chain risk in the most cost-effective manner. RDC provides AML/KYC compliance; Politically Exposed Persons (PEP) protection; emerging market intelligence; corruption, fraud and crime protection; vendor screening and monitoring; and credit risk monitoring to a wide range of clients worldwide. RDC was founded in 2002 by 20 of the world’s leading financial institutions. Learn more about RDC by emailing email@example.com or visiting www.rdc.com.