SunGard has reportedly added what company officials describe as "a new watchlist checking online compliance" tool for corporations to its Ambit Anti-Money Laundering suite. 

 

Available through SunGard's Infinity SaaS (News - Alert) platform, Ambit Customer Due Diligence will "help corporate risk and compliance officers maintain compliance with domestic and international regulations and sanctions, without adding a large technology footprint," company officials said.

The checking of government sanctions and terrorist watch lists has become a part of protecting and safeguarding corporations' business interests, what with the increase in legislation - Patriot (News - Alert) Act, Sarbanes Oxley, etc. - to curtail the illicit flow of funds into financial systems. 

Currently in the U.S.. every business is required to cross-check their customers against the government's specially designated nationals list, checking it twice to determine who's naughty and nice.

Ambit Customer Due Diligence provides a range of Web-based tools for "resolving and verifying the identity of potential and current employees, customers, suppliers and business partners," company officials say, adding that it also helps customers comply with government anti-terrorist legislation and list checking regulations. 

 

Colin Day, vice president for compliance and financial crime solutions in SunGard's banks business, said watch list checking is "a big challenge" for many of their customers.

 

“There are many lists like the SDN list, and most are frequently updated and difficult to

Search,” Day said in a statement. “Most small-to-medium enterprises don't have the funds and resources to support an in-house software solution to track and check against these lists.”

 

SunGard offers products for the education market, too. Last month, TMCnet  reported that the Ahlia University, Bahrain's first private university,

 

The product, PowerCAMPUS Unified Digital Campus, is expected to help Ahlia University "achieve new benchmarks for quality assurance assessment in Bahrain by providing resources for teaching and learning," according to SunGard officials at the time.

Infinity is described by SunGard officials as a tool to help financial institutions develop and deploy custom applications, "integrating SunGard components with their own proprietary or third party components," using SunGard's Common Services Architecture.

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