Financial institutions still face considerable challenges as they seek to better control the operational side of fighting financial crime risk. In a world of ever increasing regulation and heightened regulatory scrutiny, technology can be used to proactively target criminal behavior. Be confident that your business is compliant with your continuous regulatory obligations.
Our primary focus is on firmly addressing the regulatory risks associated with non-compliance. You can rely on the quality of our systems, which we’ve developed in over 25 years’ experience in financial crime compliance. Our tools enable your operational teams to simply and cost effectively manage your financial crime compliance obligations whilst providing assurance that your organisation is meeting these obligations. We can also offer bespoke tools which are tailored to your specific business activities.
If you would like to discuss how we can help, or to request a demo, please get in touch with our team.
Three new products launching soon
Wire transfer regulations
OD Wire is a tool developed by OpusDatum to increase the processing efficiency of a financial institution’s payment network without compromising compliance.
Powered by the AWS Cloud, OD Wire automatically checks payments against wire transfer regulations like FATF R16 and EU 2015/847 - meaning that banks can be sure that payment data on their network is SWIFT compliant.
PEP coverage testing
Although it is essential for banks and other stakeholders to identify PEPs and their relatives and close associates (RCAs), it is essential that they action them fairly and appropriately - within the remit of regulations.
We offer a test-file of current and historic PEPs to help banks test the completeness and accuracy of their list-provider’s systems.
Although there are many challenges when designing policy and systems to comply with sanctions, having accurate data, effective screening procedures, and clear audit trails can help mitigate reputation and financial risk.
Our test file is designed to allow above and below the line testing to help the bank understand whether the list-provider is meeting the law, regulation, guidance and bank policy relating to sanctions.
Look back tool
Our look-back tool is remarkably simple to implement whatever the size of your bank. It puts your financial crime analyst in control of your payment data. Understanding what payments your customer, and customer’s customer makes, is just a click away.
The address identification tool interrogates unstructured or semi-structured text from any data source. The output is an indication of the country or region that the text represents. It uses complex in-house developed and tuned algorithms to identify, score and rank the likely accuracy of all references to any global geographic location contained within the presented data. This simple to use tool is powerful when determining the risks associated with a particular message or customer in relation to the countries involved.
We have devised a detailed methodology which fully maps out the payment message life cycle. By combining this with live data, alongside data from external sources, this enables a suite of powerful detective controls to monitor and report on compliance with FATF R16 on wire-transfers, SWIFT MT202COV and FATCA.
Bank-in-a-box is a framework which models the applications, data structures, interfaces and reporting within a typical banking IT systems landscape. This allows modules to be ‘dropped’ into the framework to run specific scenarios, tests or data within an analytics environment, without having to worry about the effects on production systems or complex data warehouses.