Alfred R. Petrillo

Alfred R. Petrillo, Senior Vice President, Jefferies & Company Inc, says: "The depth of functionality within Accurate NXG more than answers our immediate business need to automate our reconciliation and exception management processes.

Alfred Petrillo, senior VP of clearing operations at Jefferies & Company, a New York-based investment bank, elected to use an outside vendor

Alfred Petrillo, senior vice president of clearing operations at investment bank Jefferies & Company, says his company hired vendor Sybase to help it implement an anti-money-laundering solution.

Alfred Petrillo Jefferies & Company, Inc., Jersey City, NJ

Alfred Petrillo Jefferies & Company, Inc.

"The four staffers currently dedicated to the reconciliation and exception process can now be used for more advanced surveillance and internal system controls," said Alfred Petrillo, senior vice president.

Alfred Petrillo, senior vice president of clearing operations at Jefferies & Company, a New York-based investment bank, elected to use an outside vendor for automating his firm's AML processes.

"We've always looked at new account set-ups" and "monitored fund movements in and out of accounts," he explains."A lot of that was done manually."

Lists would be generated and checked and files sent to third parties for verification."When the Patriot Act came around, we took a lead position to understand the mandates and came to the conclusion that we needed some sort of platform to assist us in being proactive," says Petrillo.

So Jefferies turned to an AML solution from Sybase of Dublin, Calif. "They minimize the mechanical effort," he says, adding the technology standardizes and scrubs the information for the compliance team to review.

Petrillo says, "What the technology does is allow you to minimize the mechanical effort involved and take the data and get it to the point you can truly analyze it.