Jersey-based financial services firm Touchstone has launched two new software products to help the island’s wealth management firms cope with the demands of international anti-money laundering regulations.

Post-financial crisis, the global climate is one of heightened awareness of risk and tightening regulatory requirements, with the corollary that technology firms are moving fast to tap into this growing demand. The issue of tax evasion is also high on the agenda and products such as Touchstone’s new software can be seen in the context of a global crackdown on tax cheats and financial malpractice.

Touchstone’s Scrutiny & Transaction Monitoring and Workflow modules form part of its fiduciary and funds administration product suite, which is built on the Microsoft Dynamics NAV platform. Touchstone is one of over 2,000 companies globally which have partnered with Microsoft to develop add-on solutions.

“At a time when offshore jurisdictions are under increasing pressure from regulatory authorities to adhere to the highest levels of risk monitoring, this technology will significantly enhance wealth managers’ abilities around the world to monitor and report financial irregularities,” said Steve Farr, product solutions marketing manager, Microsoft UK, at the recent launch of Microsoft Dynamics NAV 2009 in Jersey.