Miami-based Americas Software
Corporation recently unveiled a new
software package to the financial
services community in The Bahamas–
ASSIST//customerknowledge. The
programme is intended to facilitate
procedures by which banks can detect
and analyse suspicious activities –
e.g. money laundering – without
impacting the bank secrecy laws of
The Bahamas. The software simply
analyses money flow into the accounts,
examining irregular transaction
volume and amounts.

A recently proposed amendment to the
Money Laundering (Proceeds of Crime)
Act of 1996 calls for disclosure of
information in cases of “reasonable
suspicion” of money laundering.
Currently, disclosure is mandated
only in cases of known money
laundering activity.

The Payments and Compliance Solutions
Group of Thomson Financial Publishing
(TFP) recently rated the client
server-based ASSIST//customerknowledge
programme as “the best on the market”.
Americas Software Corporation reports
that already banks in the United
States, Central and South America,
Europe and Asia have signed on as
clients for this “efficient, easy-to
-use system that keeps them in
compliance with international regulations
and standards”.