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Industry | Financial software |
---|---|
Founded | 2007 |
Founder | Dominic Suszek |
Headquarters | |
Products | Anti-money laundering software |
Website | globalradar |
Global RADAR is a financial software company known for its anti-money laundering software. Founded in 2007 by Dominic Suszek, the company is based in London and Miami. [1]
In 2006, Dominic Suszek founded BSA Strategies, a company to aid financial institutions in forensic accounting and risk assessment. A year later, he founded the software company Global RADAR to develop software to detect money laundering and terrorist financing, allowing clients to do due diligence on customers in compliance with anti-money-laundering regulations. [2] In its first decade, Global RADAR acquired clients in the US, Canada, Europe, Malaysia, the Caribbean, and Central and South America. In July 2016, Suszek published a book titled The U.S. Banking Compliance Handbook, detailing methods to comply with financial industry regulations, including the software solutions of Global RADAR. Kirkus Reviews wrote of the book that "the author establishes his expertise in the field by offering much helpful information and advice." [3]
Global RADAR describes its product as "a one-stop solution to manage compliance efforts from customer due diligence to activity surveillance in a single application". [4] Its primary module is its Know Your Customer/ Client Onboarding module, which allows financial institutions to do due diligence on new clients. Other modules include Foreign Account Tax Compliance Act (FATCA) compliance, Document Management, Watchlist Screening, Anti-Money Laundering Surveillance, Trade Surveillance, and employee surveillance and Management. [5] [6] In addition to fulfilling compliance requirements, the software is designed to save financial institutions money by automating document management and risk assessment. [7]
In November 2015, Banking CIO Outlook magazine named Global RADAR its top Risk and Compliance Solution Provider. [8] [9]
Money laundering is the process of changing large amounts of money obtained from crimes, such as drug trafficking, into origination from a legitimate source. It is a crime in many jurisdictions with varying definitions. It is a key operation of the underground economy.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities.
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Anti-money laundering software is software used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. There are four basic types of software that address anti-money laundering: transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems and compliance management software.
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VERMEG is an international software group operating across several lines of B2B services: pensions & insurance, wealth & asset management, financial & security markets and Digital Financial Services. The company develops software used across the private banking sector, consumer finance, asset management companies, Central banks, insurance and other financial services providers covering insurance policy administration, asset portfolio management, regulatory reporting, collateral management, post-trade processing, low code application development, business process management and risk management.
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