STB Systems and Hitec Ltd Sign Co-Marketing Agreement to Bring a Complete Anti Money Laundering and EDM Solution to the Worlds Financial Institutions

STB Systems (STB) and Hitec (Laboratories) Ltd have concluded a co-marketing agreement to bring together STBs market-leading anti-money laundering system, STB-Detector, and the leading edge technologies provided by Hitecs Electronic Document Management (EDM) solutions.

London, UK August 26, 2004 -- Among the many things that financial services firms are required to do to comply with the anti-money laundering (AML) regulations, identity verification and documentation figures high on the list. A key part of the AML legislation globally is the importance of knowing your client in terms of identifying the person with whom you are transacting and the documenting of the information used to establish this.

Hitec offers the benefit of enterprise-wide Electronic Document Management to store the information collected by STB-Detector for the purposes of account opening due to diligence and related documentation.

As a part of a comprehensive Risk and Compliance solution, STB-Detector and Datastore provide the perfect answer to a firm's AML procedures in the area of KYC. The solution addresses the growing needs of financial institutions to better control and manage their risk exposure to opening an account with inadequate or incomplete documentation. At the same time, it maximises the ability to recall this data from off-line storage as and when required, whether for internal management or external review.

Additionally, due to the tight integration of Datastore with STB-Detector, the entire set of documentation can be recalled within STB-Detectors suspicious activity module (SAM) should a suspicious transaction be identified. This information can include such items as scanned cheques, letters of credit or whatever else a firm might hold on the individual or corporation.

Hitec and STB Systems have helped many financial institutions around the world in the implementation of Risk and Compliance initiatives, including anti-money laundering. The DataStore product suite consists of a full range of browser based Electronic Document Management elements. Single modules may be implemented to address individual application requirements, or they may be implemented as an enterprise wide EDM solution.

The implementation of DataStore provides a major opportunity for more efficient and rewarding work practices. Hitec's unrivalled professional services programme ensures a smooth transition to the electronic storage, retrieval and secure re-use of vital Corporate Information. DataStore extends the traditional boundaries of electronic archiving by combining browser based solutions.

STB-Detector, STBs proprietary anti-money laundering system, provides a comprehensive addition to the defences of any financial institution.

The system has four modules:
    Suspicious Activity Monitoring
    Account Opening Due Diligence
    Watch List Monitor
    Investigations

These modules provide extensive coverage of all the key areas of compliance the MLRO (Money Laundering Reporting Officer) requires. Account movements can be checked against historical and peer group patterns, and against a variety of absolute and flexible thresholds. Account opening Know-Your-Customer procedures are enhanced and documentation renewal reminders can be generated. Customer databases and payments may be checked against any number of internal and external sanctions lists.

STB-Detector is fast establishing itself as a global solution to money laundering controls, with installations in New York, London, Hong Kong and Singapore.

Hitecs Managing Director, Jeremy Crame said, This agreement is part of Hitecs continuous efforts in providing solutions in the area of Risk and Compliance to our financial services clients. The combination of Hitecs extensive expertise and implementation capabilities and STB Systems products will help financial institutions implement a cost-effective solution in meeting their AML compliance requirements."

Commenting on the agreement, Michael Thomas, Group CEO of STB Systems said, "We are delighted to work with Hitec (Laboratories) Ltd in delivering an effective AML solution just about anywhere it is needed. We foresee the attractive pricing of STB-Detector and the expertise of Hitec (Laboratories) Ltd will ensure this is a most attractive solution for the financial services industry.

About Hitec (Laboratories) Ltd
Established in 1991, Hitec has grown the customer base dramatically to include an impressive list of high profile clients from various industry sectors. Over 500 installations have been successfully completed worldwide with revenues continuing to grow. Continued investment and commitment in respect of research and development has enabled Hitec to expand significantly in the Electronic Document Management marketplace.
Our exceptional growth is a result of increased brand awareness coupled with an excellent reputation in the field which has led Hitec to become leaders in the EDM market.
http://www.hiteclabs.com

About STB Systems
STB is one of the worlds leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB has offices in London, New York, Hong Kong and Singapore. STB's solutions are designed to automate the critical controls that protect financial institutions, handling internal and external reporting to satisfy the relevant regulatory bodies and assist in compliance with anti-money laundering procedures. The company is one of just five recognised by the Bank of England for electronic reporting and works closely with many other respected industry bodies. STB's core competence puts them at the forefront of regulatory and compliance technologies, offering the best of breed solutions for their customers.
http://www.stbsystems.com

Media Contacts:
Anthony Hauton
STB Systems
India House
45 Curlew Street
London
SE1 2ND
Tel: +44 (0)20 7403 2188
Fax: +44 (0)20 7403 4425
e-mail protected from spam bots

Hitec (Laboratories) Ltd
Trent House
Waterside Drive
Langley
Slough
SL3 6EZ
Tel: +44 (0)1753 583000
Fax: +44 (0)1753 593322
Email: e-mail protected from spam bots


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