Secondcap Chooses Lexis Diligence for Anti-Money Laundering Compliance
Latest release of online due diligence helps Secondcap streamline their anti money laundering compliance processes and boost efficiency
LONDON, 16 May, 2011 – LexisNexis UK, a leading provider of content-enabled workflow solutions, today announced that Secondcap – provider of the largest network of buyers and sellers in the secondary private funds market via it’s transaction management system called “SecondaryNet”, – has chosen to partner with LexisNexis to perform efficient and cost-effective customer due diligence.
Secondcap required support to establish robust anti-money laundering (AML) and due diligence procedures to comply with the Money Laundering Regulations 2007. They selected Lexis® Diligence to perform online due diligence checks when taking on new customers.
Nirosh Wijewardene, Chief Operating Officer at Secondcap commented, “We selected LexisNexis as they offered the most comprehensive coverage of information available in a single platform. Lexis Diligence is cost-effective and really simple to use. It will save us valuable time by accessing global news, company data, biographies, international case history, politically exposed persons (PEPs) and sanctions in just one search. We are comfortable partnering with LexisNexis as they already help many leading UK financial services organisations manage their AML compliance.”
Mark Dunn, Risk and Compliance market planner at LexisNexis UK added, “Our solutions enable organisations to streamline their AML compliance processes and increase efficiency. We are delighted to partner with Secondcap to provide them with the tools they need to manage the requirements of AML regulations.”
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 15,000 employees worldwide.
In the UK, LexisNexis (www.lexisnexis.co.uk) online legal solutions include: Lexis®PSL, Lexis®Check and Lexis®Library - named Online Product of the Year at the Legal Technology Awards. Published resources include both Butterworths and Tolley. LexisNexis provides the most comprehensive source of legal and tax commentary in the UK.
Secondcap (www.secondcap.com) has established a leading global independent platform providing asset managers and other participants in the private funds industry a marketplace for transferring limited partnership interests.
The platform significantly reduces transaction processing time and costs, enhancing efficiency and allowing all parties in a secondary transaction to manage and close a deal online with a very strong focus on confidentiality. It will also provide primary fundraising opportunities as General Partners (GPs) will be able to increase their Limited Partner (LP) investor base for future fundraisings. By reducing the deal execution risks involved in the transfer process, and adhering to industry best practice, Secondcap will drive the growth of the secondary market to the benefit of all current and future participants.
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