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ADP Brokerage Services Group launches service-bureau-based compliance platform built with Mantas.
ADP Brokerage Services Group unveiled a compliance platform developed in partnership with Mantas to help firms comply with the USA PATRIOT Act and Securities and Exchange Commission and National Association of Securities Dealers regulations.
The system is fully integrated with ADP's Brokerage Processing Services (BPS) securities processing system, which is the only ASP offering of the Mantas Behavior Detection Platform currently available.
The modular functionality is available in three versions: anti-money laundering (AML), broker/employee compliance and trading compliance. Each version comes with a set of scenarios for detecting inappropriate or suspicious behaviors consistent with money laundering activities.
The AML solution detects "behaviors of interest" such as transactions involving high-risk geographies or entities, detecting anomalies or changes in account behavior and rapid movement of funds. The broker compliance solution detects behaviors consistent with front running, trading a security on a restricted list or watch list, violation of short-term trading restrictions, trading on insider information, and other potentially illicit, unethical or illegal activities.
The trading compliance solution comes with a set of scenarios that address illegal trading in equities, options, fixed income and other markets. The system monitors trading and market making activities with respect to regulatory compliance and best execution.
In addition, the platform includes many scenarios specifically designed for mutual fund compliance, such as detection of late trading, market timing and breakpoint monitoring.
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