Posts

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FATCA – What Are Your Peers Doing About It?

Over the past year, Alacra has hosted several informal peer-to-peer FATCA events in London. Banks from the City joined  us to discuss and learn about different approaches to FATCA. The Alacra Compliance Team has also met directly with many of our clients and prospects to understand their plans and requirements for addressing FATCA. […]

By |July 25th, 2013|AML and Compliance, Events and Conferences, Posts|

How to Budget a Compliance Remediation Project

Calculating the Cost of Compliance

Remediation projects seem to be a fixture of the current regulatory environment in KYC.

These projects get kicked off when a firm determines, or a regulator determines, that the process it has used to on-board customers and counterparties in the past is not adequate for the current environment. These relationships […]

By |July 10th, 2013|Compliance, Posts|

LEI A to Z

A small number of dedicated professionals have been toiling away for the past couple of years trying to create the Global Legal Entity Identification System (GLEIS). As progress is slowly made, many financial industry participants struggle to understand the acronyms, governance, and impact of what global regulatory bodies are trying to bring to […]

By |July 2nd, 2013|Legal Entity Identifiers, Posts|

The Periodic Table of FATCA Acronyms

Confusion still abounds about FATCA terms

Periodic-Table-of-FATCA-Acronyms
Increasingly, Alacra Compliance Enterprise customers and prospects are asking us to facilitate the inclusion of FATCA client classification information in their onboarding […]

By |June 12th, 2013|Alacra, AML and Compliance, Information Industry, Posts|

DealMeme – M&A news from Rumor to Close

Monitor M&A Blogs and News with DealMeme – for free!

DealMeme is a new, free service from Alacra to help you monitor merger and acquisitions around the world.

DealMeme uses the AlacraPulse Curation Engine, which sifts through 3,000 respected traditional media and influential blog sources, which are continuously vetted to maintain top standards. […]

By |June 6th, 2013|Business & Finance, Information Industry, Posts|

CICI Self-Registration Data Requires Cleaning and Vetting

We responded to a number of calls following our post last week highlighting the challenges faced by the CICI Utility with regard to self-registration. One call came from a senior executive of the DTCC, who carefully explained that many of the data issues we highlighted were the result of business rules being applied to […]

Weaknesses in CICI Self-Registration Process Pose Challenges for Reference Data Files

Last week we fielded several phone calls from clients asking about what other challenges the CICI Utility might be facing in addition to the duplicates and empty fields that were described in a recent article from Waters Technology: Data Validator Criticizes DTCC’s Identifier Database. We’re major supporters of the Legal Entity Identifier […]

By |May 2nd, 2013|Alacra, Information Industry, Posts|

Ongoing Monitoring–Best Practices

All the financial institutions we’ve worked with have deployed a transaction monitoring system that alerts the bank to suspicious activity. Sophisticated financial institutions have entities exhibiting unusual activity automatically sent to the due diligence team for review. This review results in the KYC information for that entity being updated.

Firms also monitor or refresh their customer […]

By |April 1st, 2013|Alacra, AML and Compliance, Business & Finance, Information Industry, Posts|

Sanctions Lists, PEPs, and Database Checks–Best Practices

Again, communication is critical. Those firms that utilized electronic communication from the relationship manager to the onboarding team had better processes overall. In some cases searches of various databases (sanctions lists, PEPs, adverse news) were run automatically on the verified customer name from the relationship management system. This eliminated re-keying of data, which is a […]

By |March 28th, 2013|Alacra, AML and Compliance, Business & Finance, Information Industry, Posts|

Sanctions Lists, PEPs, and Database Checks–Regulatory Highlights

Nowhere in the regulations are financial institutions instructed to use a proprietary database or conduct a proscribed level of research when onboarding a new customer or counterparty. Yet this is where the bulk of the money is spent: in database costs, workflow tools, and investigative labor. As this is where the money is, we have […]