Banker’s Toolbox, a provider of AML compliance solutions, has purchased Integra Systems to add OFAC file scanning technology to its product suite.
Integra Systems provides customer due diligence and OFAC scanning solutions to financial institutions, insurance companies, auto dealers, brokerage firms, healthcare providers and more.
Through the purchase, OFAC scanning technology, IQ AutoScan, will be integrated into Banker’s Toolbox’s existing product suite. IQ AutoScan scans customer databases and other files on a daily basis against the OFAC list, Politically Exposed Persons (PEP) list, FinCEN, EU/UK/UN sanctions list and any other list, automatically with no manual steps required.
Banker’s Toolbox’s Wayne Roberts said: “We are incredibly excited to welcome Integra Systems and its customers to the Banker’s Toolbox family. Our business is experiencing record sales and we believe the addition of Integra to our family is a great fit for all parties. Integra’s capabilities will add value to our customers and our strengths. And this is just the beginning.”
Austin, TX-based Banker’s Toolbox helps organisations manage risk and streamline compliance. The company’s product suite consists of proven solutions for money laundering detection and reporting, risk management through fraud prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment.
Back in July 2015, Banker’s Toolbox received a significant equity investment to support its strategic growth from Accel-KKR, a technology-focused private equity firm.
Park Durrett, principal at Accel-KKR, added: “This acquisition adds to a strong and growing portfolio of compliance-related solutions provided by Banker’s Toolbox and will continue the momentum we have seen the team bring to both their customers and the industry in the last several quarters.”
Copyright © 2017 RegTech Analyst
Copyright © 2018 RegTech Analyst