YORK, United Kingdom--(BUSINESS WIRE)--StarCompliance announced today that its compliance software helps financial firms ensure they comply with the UK Bribery Act, which took effect July 1, 2011. The UK Bribery Act, designed to tighten the UK’s regulatory framework, not only affects UK financial firms but also any financial companies that have offices in the UK, employ UK citizens, or provide any services to a UK organisation. The StarCompliance ‘Gifts and Entertainment’ module, which is available to all StarCompliance clients, works to ensure compliance with the new Act.
“Violating the UK Bribery Act carries unlimited fines and a maximum jail time of 10 years for individuals,” said Matt McGill, Vice President of Sales, StarCompliance. “It is critical for financial firms to have the right tools in place to ensure their employees comply with the new act, if not, they also risk facing severe fines.”
StarCompliance’s ‘Gifts and Entertainment’ module instantly matches employee gifts and entertainment requests against a firm’s Code of Conduct to automatically generate approval, denial or a case for supervisory review. The module automatically detects unusual activities based on the rules a client has pre-determined from their Code of Conduct and discourages employees from giving gifts or entertaining in ways that may be considered acts of bribery. Like with all StarCompliance modules, rules and workflows are configurable to meet complex compliance requirements.
"Our software saves compliance personnel from the risks of labor intensive, manual tracking and analysis of employee gifting and entertainment requests to give our clients peace of mind that their firms are fully compliant with the UK Bribery Act,” said McGill.
About StarCompliance
StarCompliance is a leading provider of compliance and regulatory software solutions that detect and mitigate potential employee conflicts of interest for the financial services industry. StarCompliance software solutions are scalable and configurable to meet the specific needs of large, diversified, multinational investment firms. We provide each client with a single instance of the software and a dedicated database, which can be hosted by our clients or by us, for ultimate privacy and security. We have operations in the US and Europe and an in-house R&D team in York that continuously delivers compliance solutions that meet the ever-changing regulatory and political issues that affect the day-to-day operations of financial organizations. www.starcompliance.com for more information.