Bankers Almanac Reaches Document Milestone for its Due Diligence Repository

LONDON - Bankers Almanac, the leading provider of reference data for payments, due diligence and risk assessment today announced that its Due Diligence (www.bankersalmanac.com/addcon/products/due-diligence-repository.aspx) Repository now contains over 100,000 documents.

The Due Diligence Repository was developed by Bankersalmanac.com in association with the Wolfsberg Group (www.wolfsberg-principles.com) following publication of its “Principles for Correspondent Banking”. The Repository provides a central source for some of the key documents required by financial institutions whilst undertaking due diligence checks on bank counterparties. These include copies of licences, articles of association, anti-money laundering controls, USA PATRIOT Act Certification, annual reports and the Wolfsberg Group (www.bankersalmanac.com/addcon/infobank/useful-bank-resources.aspx) Anti-Money Laundering Questionnaire.

Launched in 2004, the Due Diligence Repository remains the only provider of this documentation, providing consistency of information and reducing the burden that banks face when checking their counterparties. Bankers Almanac recently launched online verification, which enables providers of the documents to quickly review and supply replacement documents into the Due Diligence Repository.

Commenting on the development, a representative from the Wolfsberg Group said: “Countering money laundering and terrorist financing remains a high priority for the industry. The Due Diligence Repository enables institutions to undertake Due Diligence in an efficient, cost effective and consistent manner producing significant operational and compliance benefits. The Wolfsberg Group continues to work with Bankers Almanac to review and, where appropriate, enhance the product to ensure that industry requirements and considerations are reflected in the on-going development work.”

About Bankers Almanac (www.bankersalmanac.com)

Bankers Almanac is the leading source of intelligent reference data for payments, compliance and risk assessment. For over 160 years it has been a single point of reference for global bank (www.bankersalmanac.com/addcon/infobank/bank-rankings.aspx) information. Its Due Diligence Repository contains primary data required by banks, to conduct compliance checks on their counterparties.

Bankers Almanac is proud to partner some of the most influential financial associations and continues to evolve its reference data solutions to meet the needs of the industry. With offices in Europe, Asia and USA, Bankers Almanac is in continuous contact with banks and regulatory authorities to provide up-to-date, verified data that can be consistently relied upon.

All press enquiries to: Jane Sutton, Marketing Manager, +44(0)1342-335932, Email: marketing@bankersalmanac.com

Source: Bankers Almanac

All press enquiries to: Jane Sutton, Marketing Manager, +44(0)1342-335932, Email: marketing at bankersalmanac.com