Presented at the Bankers Association for Finance and Trade 1st European BanktoBank Forum January 10

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(No Transcript)
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Kerry Hewson
Publishing Director, Bankers Almanac DUE
DILIGENCE REPOSITORY
Presented at the Bankers Association for
Finance and Trade1st European Bank-to-Bank
ForumJanuary 10 12, 2006Pembroke College,
Oxford University
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Background

• Bankers Almanac database holds information on
• 3,900 international banks detailed listings
• 19,000 authorised banks
• 81,000 other financial institutions (securities
  companies, brokers, dealers, financial
  associations members and subsidiaries of banks)
• Detailed information includes
• regulator
• ownership, subsidiaries, group structure, MA
  activity
• history, status, branches, financials,
  activities, personnel
• SSIs/correspondents

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Background

• Our aim is complete coverage of all banks in the
  world
• sourced from recognised central banks
  regulatory authorities
• researched by in-house editorial team
• New international banks must produce due
  diligence documentation annual report to
  receive detailed listing
• An institution listing on the database is
  completely free of charge

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Industry Need for Central Repository

• Wolfsberg Principles for Correspondent Banking
  advocated central repository of documents
• specifically to meet need to check correspondent
  banking clients
• to standardise documentation
• to provide up-to-date information
• to avoid need for thousands of banks to exchange
  documents with each other, resulting in costly,
  time consuming, labour intensive duplication of
  effort

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Banks would potentially send data to hundreds or
thousands of banks
Bank B
Bank A
Bank D
Bank C
Bank L
Bank E
Bank F
Bank K
Bank H
Bank G
Bank I
Bank J
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Financial Institutions submit and retrieve
corporate data from one central source
Bank B
Bank A
Bank D
Bank C
Bank L
Bank E
Central Repository
Bank F
Bank K
Bank H
Bank G
Bank I
Bank J
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Wolfsberg Group

• Due Diligence Repository endorsed by Wolfsberg
• Strategic Advisory Group formed to advise on
  development operation of Repository
• Bankers Almanac supports recommendations on AML
  Principles for Correspondent Banking
• Wolfsberg developed AML Questionnaire contained
  in the Repository
• Repository wholly owned by Bankers Almanac -
  launched Sept 2004

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What is the Due Diligence Repository?

• Database of scanned copies of banks documents,
  showing date of document date of receipt
• Bank License
• Corporate Governance Documents (certificates of
  incorporation, articles of association, bye-laws,
  registration documents)
• Biographies of Board/Senior Management
• USA Patriot Act Certification
• Anti-Money Laundering Policies
• AML Questionnaire (developed by Wolfsberg)
• Annual Reports and balance sheets
• Central banks lists

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Due Diligence Repository, contd

• Plus - additional data from Bankers Almanac
• regulator, auditors, history, credit ratings,
  activities, summary of branches,
• 5 years financial reports
• ownership, subsidiaries, group structure
• senior management compliance personnel
• And
• links to FATF and other useful AML organisations
• user feedback

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Data held searchable by bank
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Scanned Patriot Act Certification
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Central bank list
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Industry Support

• Endorsement from Wolfsberg Group of Banks
• Endorsement from BAFT ACAMS
• interest from other national associations in
  supporting initiative
• Endorsement from UBS to their counterparties
• individual bank support Sydbank website directs
  enquiries to Bankers Almanac
• Database holds nearly 18,000 documents annual
  reports for 6,300 financial institutions

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Access to the Repository

• Service is available over the internet on paid
  subscription
• password protected
• Access to information is on an annual basis, via
  Bankers Almanac website
• single user subscription to the Repository is
  2,580 (2,080 for BANKERSalmanac.com 500 for
  the Repository)
• group licences for multiple users
• Bankers Almanac has sales offices in New York (N
  S America), Singapore, Japan, Italy UK