New York, NY, May 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GlobexUS Holdings Corp. (Globex), a SaaS business specializing in the development of proprietary blockchain software solutions to power the next generation of exchanges and securities offerings, today announced its partnership with the National Investment Banking Association (NIBA) to offer advanced anti-money laundering “AML” screening software to NIBA members and small-cap broker dealers at no upfront cost and only a small monthly fee. The partnership affirms the need for technology solutions to efficiently and effectively maintain AML compliance demands.
Both FINRA and the SEC’s Office of Compliance Inspections and Examinations (OCIE) labeled AML compliance as a high priority for 2019, with the OCIE continuing its examination of broker dealers’ AML programs. According to a 2018 report from LexisNexis Risk Solutions, U.S. financial services firms spend an estimated $25.3 billion per year on AML compliance, with costs hitting smaller firms the hardest. NIBA and Globex’s partnership aims to provide firms with the technology needed to both enhance compliance efforts and reduce labor costs through the Globex technology solution (AMLCop).
Globex's AML screening software, AMLCop, integrates with a firm’s existing AML policies and streamlines the verification of user details against a proprietary database of global sanctions, Politically Exposed Persons (PEPs), and watchlists. Through a hosted web portal, firms can run unlimited checks, and re-checks, against the database, manage flagged individuals, and maintain timestamped reports of all AML verifications.
“Compliance costs can be a huge burden for broker dealers, especially smaller firms which rely on manual efforts and outdated systems to accomplish AML efforts,” says NIBA Executive Director Emily Foshee. “We are thrilled to partner with Globex and offer our members best-in-class technology solutions to enhance AML efforts.”
“What we’ve found is that firms are incurring increased labor costs and exposing themselves to unnecessary AML violations,” says Globex CEO Brian Collins. “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.”
To learn more about Globex’s anti-money-laundering solution for broker dealers, please visit the benefits page here.
Globex offers a suite of integrated blockchain software applications for compliant issuance and secondary trading of digital securities. Truly a compliance-first business, our solutions combine Wall Street and Silicon Valley to power the next generation of exchanges and securities offerings in the US and around the world.
Current SaaS product solutions include end-to-end tokenization and allocation through Tokenetics (tokenetics.com); a white-label KYC smartphone app to onboard and verify investors through KYCware (kycware.com); anti-money laundering screening against a database of global sanctions, watchlists, & PEPS through AMLcop (amlcop.com); and Transfer Agent custody tools through Custodyware (custodyware.com). All software applications can be utilized independently or integrate with one another. Learn more at https://horizon-globex.com/.
About National Investment Banking Association (NIBA):
National Investment Banking Association (NIBA) is a national trade association of regional and independent brokerages, investment banking firms, fund managers and related capital market service providers.
NIBA member firms have completed over 1,500 equity offerings totaling approximately $12 billion in new capital for emerging growth companies. The member firms of NIBA represent over 8,800 registered representatives with an estimated $86 billion in assets under management and are responsible for 90% of all initial public offerings under $20 million. Learn more at www.nibanet.org.