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Globex Releases AMLCop – An Anti-Money Laundering Screening Solution

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Globex – AMLCop

Fresh off the release of their rescission software, Globex is back again with another solution for blockchain based finance. This comes in the form of AMLCop.

AMLCop is a solution which allows its user the ability to effectively enforce Anti-Money Laundering screening practices. With the United states spending roughly $25 million yearly on these practices currently, any means in which the process can be improved upon, and made more efficient at the same time, are welcome.

The AMLCop solution should benefit from immediate adoption, as Globex has entered a partnership with the National Investment Banking Association (NIBA). This partnership will see AMLCop offered to NIBA members, in addition to select U.S. broker/dealers.

4 Step Process

AMLCop was designed to be a simple-to-use, piece of software. Globex breaks this process down into the following 4 steps.

  • Integrate
    • Easy product integration with existing ‘know your client’ programs
  • Search
    • Screen and search individuals or custom groups
  • Detect
    • File reviews for individuals flagged for potential AML violations
  • Report
    • Documentation stored, indicating flags and file clearances

For a deeper look at how AMLCop functions, check the infographic by Globex, HERE.

AML Solutions

As the sector develops, many have noted various key hurdles that must be overcome before major adoption takes place – including the United States Securities and Exchange Commission. One of these hurdles are ‘Anti-Money Laundering’ solutions for industry participants.

Money laundering refers to intentional acts taken to obscure the origins, and transactional history, of financial assets. This process essentially makes ‘dirty’ money ‘clean’, by removing any connection with nefarious activities.

It is clear that for the digital securities sector to be recognized as a safe, regulated space, solutions that ensure money-laundering doesn’t occur, are vital. Horizon Globex has now put their best foot forward towards ensuring others now have the means for proper AML practices.

Commentary

Representatives from both, Globex and NIBA, took the time to comment on this strategic partnership. The following is what each had to say on the matter discussed here today.

Brian Collins, CEO of Globex, stated,

“What we’ve found is that firms are incurring increased labor costs and exposing themselves to unnecessary AML violations…We’ve built our technology to reduce manual file reviews and follow a regulator-aligned due diligence process, and are honored to have NIBA’s stamp of approval on our solution.”

Emily Foshee, Executive Director of NIBA, stated,

“Compliance costs can be a huge burden for broker dealers, especially smaller firms which rely on manual efforts and outdated systems to accomplish AML efforts…We are thrilled to partner with Globex and offer our members best-in-class technology solutions to enhance AML efforts.”

Globex

Globex is a software-as-a-solution (SaaS) company, which was founded in 2010. They maintain operations in Zug, Switzerland. Company oversight is spearheaded by CEO, Brian Collins.

NIBA

NIBA, or the National Investment Banking Association, is a non-profit body, which was established in 1982. Operations are geared towards the small-cap investment community, providing avenues of access to the financial industry.

Operations have been spearheaded since 1999 by Executive Director, Emily Foshee.

In Other News

Globex continues to make their presence known in the digital securities sector. We were fortunate to have recently spoke with Brian Collins, in an exclusive interview. Check out the article below to learn more about Globex and their various endeavours, from Brian Collins himself.

Interview Series – Brian Collins, CEO of Horizon Globex

Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

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