The two companies intend to provide customers with access to a suite of compliance applications including anti-money laundering, fraud detection, trading compliance, broker compliance and mutual fund trading platforms.
It is hoped that the new technology will help financial institutions meet compliance and global regulatory requirements targeted at reducing financial crime, such as Basel II, the Market Abuse Directive, the 3rd Money Laundering Directive and the USA Patriot Act, which demand that institutions develop a comprehensive approach to a wide range of compliance requirements.
Darren Innes, EVP for Mantas, said that the availability of the new product will extend to smaller businesses as well as larger institutions: Now there is no reason why small and medium-sized firms should be barred from the most sophisticated compliance technology available simply due to cost. This partnership substantially lowers the solution’s total cost of ownership, or in other words, the total cost of compliance.
