RDC Unveils AML Rx, the All-in-One AML Solution for Consumer and Commercial Banking
Las Vegas, NV – September 23, 2013 – Regulatory DataCorp, Inc. (RDC), the AML solutions leader, today announced the full release of AMLRx, the first one-stop solution specifically addressing the needs of consumer and commercial bank
The large number of customers and thin margins of these businesses pose unique challenges. Existing offerings in the market clearly do not meet these realities as they have traditionally flooded banks with false positives mandating armies of processors that erode already razor-thin margins. As a result, many consumer and commercial banks have opted out altogether, choosing instead to screen only against sanctions and rely more on transaction monitoring software. It’s a choice that has left the largest banking segments with the weakest AML compliance efforts.
“This is easily cured in this Big Data age,” said Tom Obermaier, CEO of RDC. “Superior data architecture, industry-leading algorithms, efficient technological platforms, respected compliance analysts and daily portfolio monitoring are all combined into a single, configurable solution meeting all the challenges posed by consumer and commercial banking. Massive amounts of customer data can be input into the AMLRx engine and only the most important information is returned in decision-ready form,” said Obermaier. “AMLRx affords full diligence screening – PEPs, sanctions, adverse media and high risk criteria – without killing budgets or crushing existing infrastructure. It’s instant protection with cost-effective performance.”
In building AMLRx, RDC was particularly mindful of the thousands of local and community banks struggling with increasing compliance costs. “These institutions are such an important economic engine for this country yet are caught in a regulatory driven squeeze. Banking regulators are increasingly demanding ‘big bank’ compliance solutions, but the margins of these firms cannot support these solutions. They have historically been left with a Hobson’s choice: build what I need or what I can afford. That ends today,” said Obermaier.
RDC will be available to discuss the Retail AML solution on September 23 – 25, 2013 in booth #408 at the ACAMS 12th Annual AML & Financial Crime Conference at the Aria in Las Vegas, NV. For a demo of RDC’s Retail AML solution or more detailed information, contact firstname.lastname@example.org.
Regulatory DataCorp, Inc., also known as RDC, delivers powerful, decision-ready intelligence and world-class risk and compliance protection, allowing global organizations to identify banned/suspect entities, strengthen fraud protection, ensure regulatory compliance, manage supply and distribution risk, and protect their brand equity. With the world’s largest open source risk-relevant database, RDC provides AML/KYC compliance; Politically Exposed Persons (PEP) protection; emerging market intelligence; corruption, fraud and crime protection; vendor screening and monitoring; and credit risk monitoring to a wide range of clients worldwide. Founded by 20 of the world’s leading financial institutions, today RDC is a Bain Capital and Goldman Sachs portfolio company. Learn more about RDC by emailing email@example.com or visiting www.rdc.com.