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Golden Mean Blocks Terrorists Financial Access in Australia

  • 05 November, 2004 15:35

<p>Improved data quality helps finance community to ‘know its customers’; aids due diligence to avoid risk and stop money laundering</p>
<p>Golden Mean, a Sydney-based total data management consultancy, today announced it has signed an agreement to market CIANT Corporation’s DataSCOUT Compliance &amp; Homeland Security software and WorldCompliance due diligence database – used to combat terrorism financing, corruption and money laundering– in Australia.</p>
<p>“We are very exited about this partnership. WorldCompliance has an outstanding data quality, so that regular screening of client accounts will limit any inadvertent involvement in terrorism financing, corruption and money laundering. Golden Mean’s outstanding team has a rich industry experience base in Australia/Asia markets from the integration of systems to data. This offered the perfect combine for our total solutions”, said Anirudha Basu, CEO of CIANT.</p>
<p>Under Australian law, it is a criminal offence to hold assets that are owned or controlled by terrorist organisations or individuals, or to make assets available to them, and is punishable by up to five years imprisonment. Such laws make it increasingly difficult for terrorists to generate, transfer or conceal funds. The DataSCOUT software is a data matching tool that offers compliance with Australian and global anti-money laundering laws and is a must-deploy solution for any Australian organisation that trades with US-based financial services, businesses or government agencies.</p>
<p>The partnership brings a true value proposition to the Australia market. With this total solution, financial institutions will now be able to screen their client base on the fly against the leading quality watch list. “Due to its sophisticated name matching engine, CIANT is an ideal partner for WorldCompliance. CIANT’s expertise is essential in reducing false positives and getting the most out of our data” said Dirk Mohrmann, President of WorldCompliance.</p>
<p>This partnership offers more value, and convenience of “one stop” shopping and installation for all compliance, homeland security and fraud prevention needs using the best in class components and services. It allows targeted access to red flags from the regulatory and enforcement agencies from all over the world, including the Australian Prudential Regulatory Authority, and the Australian Securities &amp; Investments Commission.</p>
<p>“The Australian Government is committed to improving homeland security, preventing suspected terrorists and organised crime syndicates from using Australia as a base for money laundering. That is why compliance is becoming a key issue for many private and public sector organisations,” said Greg Stevens, Managing Director for Golden Mean. “The complexities of matching name and address and associated data have long been known to the direct marketing world. Now these challenges are of concern to many other businesses.”</p>
<p>Making a correct identity match and avoiding “false positives” is of critical importance not only to homeland security, but to organisational reputation, customer service, and presents a new challenge to the ‘old’ ways of checking customers and financial transactions,” Stevens said.</p>
<p>According to Stevens, “Automated solutions that accurately monitor, report and manage handling of compliance-sensitive data will mark the difference between those struggling to meet requirements and those who have protected their businesses and customers”.</p>
<p>For more information about DataSCOUT please call +61 409 907 066.</p>
<p>Notes for Editors:</p>
<p>About Golden Mean Pty Ltd:
Sydney-based Golden Mean Pty Ltd is a systems integrator specialising in data intelligence, data integrity and data integration. Golden Mean delivers Total Data Management solutions to enterprises struggling to access all their data sources for a single company-wide view.</p>
<p>Please visit Golden Mean at</p>
<p>About CIANT Corporation
Texas-based CIANT Corporation develops DataSCOUT and DataGYM software providing global organisations with powerful customer data integration, data quality, fraud prevention, know your customer (KYC) and anti-money laundering (AML) software solutions.</p>
<p>Please visit CIANT at</p>
<p>About WorldCompliance
The WorldCompliance due diligence database is used to screen existing or potential clients against more than 600,000 known or suspected terrorists, money launderers, narcotics traffickers, fraudsters and other white-collar criminals, as well as PEPs (Politically Exposed Persons)</p>
<p>Please visit WorldCompliance at</p>
<p>For further information:
Greg Stevens is available for comment –
+61 409 907 066 (mob)</p>
<p>Press / Analyst Contact –
Kate Adams
Gotley Nix Evans
+61 2 9957 5555 (tel)</p>

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