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Steve Goldstein
New York, NY
<a href="">Steve Goldstein</a>, CEO of Alacra will be the primary author of this blog. Authors of guest postings will be identified at the end of their posts.
Interests: The Alacra Blog covers topics in the business information space including content providers, search technologies, legal entity identifiers, compliance, anti-money laundering, know your customer rules, and related thoughts.
Recent Activity
Confusion still abounds about FATCA terms Increasingly, Alacra Compliance Enterprise customers and prospects are asking us to facilitate the inclusion of FATCA client classification information in their onboarding workflow. Although the main FATCA challenge is in classifying existing customers (which... Continue reading
Posted Jun 12, 2013 at AlacraBlog
Monitor M&A Blogs and News with DealMeme - for free! DealMeme is a new, free service from Alacra to help you monitor merger and acquisitions around the world. DealMeme uses the AlacraPulse Curation Engine, which sifts through 3,000 respected traditional... Continue reading
Posted Jun 6, 2013 at AlacraBlog
We responded to a number of calls following our post last week highlighting the challenges faced by the CICI Utility with regard to self-registration. One call came from a senior executive of the DTCC, who carefully explained that many of... Continue reading
Posted May 8, 2013 at AlacraBlog
Last week we fielded several phone calls from clients asking about what other challenges the CICI Utility might be facing in addition to the duplicates and empty fields that were described in a recent article from Waters Technology: Data Validator... Continue reading
Posted May 2, 2013 at AlacraBlog
Steve Goldstein has shared their blog AlacraBlog
Apr 15, 2013
All the financial institutions we’ve worked with have deployed a transaction monitoring system that alerts the bank to suspicious activity. Sophisticated financial institutions have entities exhibiting unusual activity automatically sent to the due diligence team for review. This review results... Continue reading
Posted Apr 1, 2013 at AlacraBlog
Again, communication is critical. Those firms that utilized electronic communication from the relationship manager to the onboarding team had better processes overall. In some cases searches of various databases (sanctions lists, PEPs, adverse news) were run automatically on the verified... Continue reading
Posted Mar 28, 2013 at AlacraBlog
Although M&A activity picked up late in 2012 and in the first quarter of 2013, overall 2012 was a slow year, as was the entire post-financial crisis period. Despite low interest rates and huge amounts of cash on corporate balance... Continue reading
Posted Mar 22, 2013 at AlacraBlog
Identifying beneficial owners is the most difficult part of the onboarding process. In the seven years Alacra has been providing compliance solutions, we have seen the beneficial ownership requirements increase dramatically. Early on, only owners of 50% or greater needed... Continue reading
Posted Mar 21, 2013 at AlacraBlog
Alacra is visiting ACAMS 2013 in Florida this week, joining our friends and partners in the key KYC compliance space to help firms of all types stay within the bounds of the law. On the first full day of the... Continue reading
Posted Mar 19, 2013 at AlacraBlog
New ACE Features Streamlined Workflow Resulting in Dramatically Reduced Case Investigation Times We are delighted to announce the latest release of Alacra Compliance Enterprise for global financial institutions. Alacra Compliance Enterprise helps banks and trading firms around the world reduce... Continue reading
Posted Mar 18, 2013 at AlacraBlog
Most firms we have spoken to have a set of basic rules in place that are used to assign a risk rating to an entity. These are usually based on geography of the customer, type of customer, kind of business... Continue reading
Posted Mar 6, 2013 at AlacraBlog
“Risk-based approach” is a phrase used in many domains, from pharmaceutical manufacturing practices to auditing, to testing internal controls, to combating money laundering and terrorist financing. The AML regulations are consistent in saying a risk-based approach should be deployed; our... Continue reading
Posted Mar 4, 2013 at AlacraBlog
In Stephen Covey's "The Seven Habits of Highly Effective People," Habit Two is "Begin with the end in mind." Customer Identification is the start of the KYC process. Basically, a thorough customer identification procedure can set the stage for best... Continue reading
Posted Feb 28, 2013 at AlacraBlog
This is the first in a series on best practices for Know Your Customer workflows. Alacra has been delivering Compliance Workflow solutions to financial institutions since 2005. Our sales and implementation process usually involves many client meetings. As we work... Continue reading
Posted Feb 26, 2013 at AlacraBlog
At Alacra, we understand the difficult workflow decisions financial firms are facing with multiple jurisdictions, reporting requirements, and KYC initiatives. We work closely with our clients and the industry to help everyone make compliance robust and simpler. As such, we... Continue reading
Posted Feb 20, 2013 at AlacraBlog
Earlier this year I posted 10 Forecasts for M&A Activity. Like the past few years, most people willing to forecast thought the outlook for an increase in M&A activity was excellent and gave the same list of reasons: 1) Huge... Continue reading
Posted Feb 19, 2013 at AlacraBlog
Many large financial institutions use the regulatory status of a client or counterparty to help determine its risk level and therefore the amount of due diligence required to onboard that entity. The risk level is also used to determine how... Continue reading
Posted Feb 14, 2013 at AlacraBlog
Canadean, the powerful consumer market database, is a new Alacra partner. Mr. Tim Royston-Webb, Canadean's Managing Director, recently spent some time telling us about Canadean, the heavy demand for their content and how they helped IKEA understand their gap in... Continue reading
Posted Jan 30, 2013 at AlacraBlog
We have a new white paper out that summarizes what we see as the best practices in Know-Your-Customer workflow for commercial and investment banks. Based on meetings with several dozen financial institutions over the past 2 years, we outline what... Continue reading
Posted Nov 16, 2012 at AlacraBlog
For several years Alacra has been playing in both the reference data arena with our Concordance services and in the Know-Your-Customer (KYC) / anti-money laundering (AML) arena with Alacra Compliance. We’ve been talking to customers about how these two worlds... Continue reading
Posted Sep 12, 2012 at AlacraBlog
Prior to the 2008 financial crisis there had been a complicated web of banking regulations that affected financial institutions around the world. In response to the financial crisis, regulators have been busy at work drafting new regulations aimed at reducing... Continue reading
Posted Sep 5, 2012 at AlacraBlog
“I can’t keep track of all these financial regulations!” We had heard that more times than we could count so we whipped together The Periodic Table of Bank Regulation & Compliance. Ben Royce, Alacra’s e-commerce manager, Steve Blanco, our graphic... Continue reading
Posted May 4, 2012 at AlacraBlog
Ten years ago this weekend Alacra was featured in this New York Times piece on workplace diversity. Since that article came out we’ve gotten more great press, both in business publications as well as in trade magazines. But this piece... Continue reading
Posted Mar 30, 2012 at AlacraBlog
Last week was a busy and interesting week on the financial institution conference circuit. In New York there was the Financial Information Management conference (FIMA); in Hollywood, Florida there was the 17th Annual Anti-Money Laundering Conference; and in Miami, Florida... Continue reading
Posted Mar 26, 2012 at AlacraBlog