Biba working on a software system to help brokers check if clients are on terrorist list
Biba is working on a software solution to help brokers check their clients against Government lists for terrorists and companies with trade sanctions.
At present, brokers have to check whether a client is on the Government terrorist list at point of sale.
Brokers must also check whether a company is on the trade sanctions list, although this can be done at a later date.
It is against the law to trade with a terrorist or sanctioned firm.
Brokers are also required to make sure their client list is update to ensure no individual or organisation has fallen into the terrorist or sanction list.
The only way brokers can currently check their clients is by comparing it with the HM Treasury website.
Brokers with Open GI can check whether an individual is on the terrorist list at point of sale.
Biba said it was working on the solution, and was having discussions with partners, although there was ‘no guarantee’ a solution would be found.
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