Semagix, providers of semantics-based Enterprise Information Integration (EII) applications, is shipping its Customer Identification and Risk Assessment software solution, known as CIRAS.
The CIRAS software is used by financial institutions to comply with 'Know Your Customer' requirements detailed in the USA PATRIOT Act, Section 326.
“Knowing your customer is something that every financial institution must comply with now, and it goes beyond simple background checks,” said Larry Levy, CEO and President of Semagix.
“Current technologies were designed primarily for credit scoring, and they don't meet the requirements of new legislation. Semagix's CIRAS technology is unique in being able to infer relationships across huge volumes of data sourced from CRM applications, external watchlists, and other sources to discover pertinent information that pierces the individual or corporate veil.”
Know thy customer
Title III of the USA PATRIOT Act, and specifically Section 326 (the International Money Laundering Abatement and Anti-Terrorist Financing Act), requires financial institutions to “reasonably and practicably” know their
customers.
The technology aims to extend or 'enhance' information about a customer to include key relationships held by that customer, the sources and destinations of specific transactions, and the risk represented by each of these factors (e.g. if the destination is a bordering country to Iraq), etc.
CIRAS uses patented semantic metadata techniques to infer relationships across huge volumes of information that can come from a wide variety of sources including internal CRM applications, external watchlists, or web pages.
Because of its metadata approach, Semagix's CIRAS solution is able to scale to massive volumes of data and sources, and actually speed up decision and transaction processes, says the company.

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