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CAYMAN BASED ANTI-MONEY LAUNDERING COMPLIANCE SYSTEM NAMED FINALIST IN GLOBAL REGTECH COMPETITION BY THOMSON REUTERS

A Cayman Islands based anti-money laundering technology is one of seven finalists in competition for potential Thomson Reuters partnership and investment.

NEW YORK (PRWEB) 11 October 2019

Watch any crime show and its inevitable the bad guy has a bank account in the Cayman Islands.  But that’s just television. In real life, the Caymans have some of the strictest anti-money laundering (AML) regimes.  Opening a bank account or getting a company set up can take days if not weeks due to intensive due diligence requirements and background checks.

So it’s fitting that a Cayman Islands based anti-money laundering technology is getting some well-deserved notice.  SILO Compliance System announced they have been named one of seven finalists in a global regulatory technology search by Thomson Reuters.  SILO Compliance will be presenting in New York City on October 29th to a panel of Thomson Reuters senior leaders, as well as an audience of customers, TR business partners, and others from the regtech community for the opportunity of US$250,000 investment as well as cash prizes.  Those interested in attending the event can register here.  (https://events.thomsonreuters.com/thomson-reuters-global-regtech-startup-competition

“With record fines and new industries falling under expanded AML regulations there are a lot of new technologies coming onto the market to address all of the various  compliance requirements,” says Kimberly Smith, former AML compliance officer and co-founder of SILO. “Being recognized by Thomson Reuters for potential investment is already a huge win and we credit our users for helping us create the system that Thomson Reuters has recognized as a strong contender in this competition.”

Ms. Smith and her team created the system aimed particularly at professional fiduciary services such as law firms and trust companies. “We understood from the beginning that every firm is different with different risk appetites and so the system we were creating had to be easily configurable.  As a result SILO is also used by credit unions, asset managers and other industries that we had no idea were also desperate for an AML compliance solution. We focused on helping our users easily show approval work flows, risk ratings, non-compliant clients – everything an inspector would want to see – so our users can reduce the chances of incurring a big fine.  An investment by an established player like Thomson Reuters can help us grow faster so we can help even more companies globally.”

 About SILO Compliance Ltd.
SILO Compliance System is an industry leading client due diligence management system helping users comply with anti-money laundering regulations. Its intuitive design enables its users to archive and retrieve client due diligence documentation, risk-rate and monitor their clients, run all compliance reports, and efficiently train all staff. SILO Compliance System is used by trust companies, credit unions, corporate service providers, assets managers, insurance companies and law and accounting firms in numerous highly regulated jurisdictions. SILO Compliance Ltd. is headquartered in the Cayman Islands. Additional information can be found at http://www.SiloCompliance.com and by requesting information from kimberly@silocompliance.com.


For more information on SILO Compliance, visit: https://silocompliance.com/

October 10, 2019 · m@kangabloo · Filed Under: Blog, News

SILO Compliance System and Domus Semo Sancus Release New Artificial Intelligence Driven Due Diligence Compliance System

The new KYC/AML Bundled Solution delivers on the promise of using advanced learning algorithms to save customers 40% ROI and more easily meet the growing demand for intelligent due diligence

NEW YORK (PRWEB) JULY 10, 2018

SILO Compliance System and Domus Semo Sancus (DSS) announced today the release of their KYC/AML Bundled Solution that includes SILO, the easy-to-use and easy-to-install client due diligence management system, and SafetyNet.ai, the award-winning cloud-based Enhanced Due Diligence background checking tool.
Customers of the bundle will receive over 30% savings off the list price of the individual products, according to E. Jay Saunders, Chairman and CEO of Domus Semo Sancus.
“With record fines still being announced for KYC/AML non-compliance issues, it is clear organizations the world over are in need of solutions that can help them better detect and manage risk. Our SILO+SafetyNet bundle, which comes with SafetyNet EDD, will help organizations reduce their risk, and because we offer the best value for money, also their cost,” said Saunders.
“We constantly envision new capabilities and features for our customers and clients and see our partnership with DSS as a way to further our leadership in customer due diligence compliance,” said Kimberly Smith on behalf of SILO. “This bundle will help SILO Compliance users meet the every increasing demands made by regulators on compliance staff, saving hours of analysis by using more advanced technology and compliance cost strategies.”

###
About Domus Semo Sancus (DSS)
Domus Semo Sancus (DSS) Ltd, founded by E. Jay Saunders in Nov. 2014, is a financial
technology company that is building tools to encourage financial inclusion and bridge the e-
commerce divide. SafetyNet.ai is DSS’ award-winning enhanced due diligence (EDD) cognitive search and crime prevention tool. It helps companies comply with KYC and AML rules and regulations by utilizing an artificial intelligence engine to help companies spot and mitigate risks before they become threats. SafetyNet.ai, powered by IBM Watson, is cloud based and is offered in the following subscriptions: Lite, EDD (Enhanced Due Diligence), EDD Enterprise, Safe City, and Developer.
About SILO Compliance Ltd.
SILO COMPLIANCE delivers and supports advanced due diligence solutions that provide customers with cost effective and easy to use tools for the modern compliance reporting environment. The industry leading product, SILO Compliance System, recommended by a number of high-profile customers, is an easy-to-use application that enables its users to archive and retrieve client due diligence documentation, risk-rate and monitor their clients, run all compliance reports, and efficiently train all staff. SILO Compliance System is used by trust companies, credit unions, corporate service providers, assets managers, insurance companies and law and accounting firms across many highly regulated jurisdictions. SILO Compliance Ltd. is headquartered in the Cayman Islands. Additional information can be found at http://www.SiloCompliance.com and by requesting information to Info@SiloCompliance.com.

For more information on Domus Semo Sancus (DSS), visit:http://www.semosancus.com.
For more information on SafetyNet.ai, visit:http://www.safetynet.ai.
For more information on SILO Compliance, visit: https://silocompliance.com/

July 20, 2018 · Kimberly Smith · Filed Under: News

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What Is SILO?

SILO is an easy-to-use application that enables you to archive and retrieve your client due diligence materials; to risk-rate and monitor your clients; to run the necessary reports on them; and to train your staff. It is, therefore, the ideal application to meet all your AML obligations.

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