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Fraud Database In The Works
Regulatory DataCorp., International LLC have formed an independent company that is creating and employing an extensive, aggregated database of public information designed to guard against international crimes, including money laundering and terrorism funding. For two years the company has been putting together a worldwide clearinghouse of publicly available information that conforms to international standards and regulations. It will help clients conduct automated due diligence on entities, individuals and transactions.
Among founders are giants such as Goldman Sachs Group Inc., Citigroup Inc., Merrill Lynch & Co. and more than a dozen other major banks and financial firms. It's not clear yet whether community banks will be a part of the picture, but the for-profit company will be seeking other financial institutions as clients.
Equifax will host the database.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 8, 10/02
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