Amicus Networks of Austin, Tex., and Vestment Consulting Services of Bloomington, Minn., have formed an alliance to help mutual funds and other financial service companies meet compliance requirements via the Internet.

Amicus provides online software for the financial services industry and Vestment specializes in legal and compliance issues for the financial services industry. The two companies hope to automate compliance over the Internet and save mutual fund companies the time and extensive paperwork compliance now requires.

Their first mission will be to develop a list of terms regulators should look for to effectively monitor e-mails between registered representatives and their clients. Amicus will then embed the lexicon in its e-mail surveillance product ToolBelt 98-11.

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