Partnering on AML Compliance

In response to the expanding anti-money laundering (AML) needs of financial services companies (driven by USA PATRIOT Act requirements), iWay Software (New York)—an Information Builders integration company—has formed a partnership with Americas Software (Miami), a developer of anti-money laundering solutions.

"In order to have a 360-degree view of a transaction you have to pull data from multiple applications and third parties," explains David Rode, vice president of theinternational division, Information Builders. As a result of this deal, iWay's XML Transformation Engine and Universal Adapter Framework will be used to add data integration to Americas Software's ASSIST//ck and AFACS//Web AML software. Americas Software's tools analyze, detect, monitor and investigate suspicious transactions, explains John Daly, president.

The combined solution will be marketed internationally. "EU nations are conforming the premise that banks and insurance companies must have a know-your-customer view," explains Rode, who also points out that because the data sources of various insurers are different, the combined offering is not a tightly integrated solution.