ACE software for sanctions requirements 17 September 2015London Reporter: Stephanie Palmer
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Transaction management and compliance technology provider ACE Software Solutions has launched a solution to help corporates in complying with sanctions regulation.
Pelican Sanctions helps to protect firms against financial losses and reputational risk that could result from non-compliance by screening transactions against sanctions lists, flagging up non-compliant payments, and citing reasons for all decisions made.
The release comes as a response to pressure for corporates to share the responsibilities for regulation and sanctions requirements with banks. According to ACE, some treasury departments hold emergency cash either in-house or in local banks in order to protect their own balances.
Pelican provides the sanctions checks required under know-your-client requirements, and supports auditing processes.
It takes data from various data sources and in any format, and the process is configurable. The product will be available as a hosted system, and as well as scanning financial transactions, it can view customer and employee data.
Parth Desai, CEO of ACE Software, said “The focus on sanctions risk is likely to increase as regulatory and reputational risk are on the rise, which has led to corporates taking a more proactive approach in this area.”
“Every corporate should have a responsibility and understanding of the sanctions risks involved and be actively committed to implementing solutions to provide efficiencies and to better manage their business. Our solution has intelligence sanctions filtering which provides peace of mind for any global multinational corporation to manage risk and reputation.”
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