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HOW CAN MY FINANCIAL CRIME ANALYSTS REVIEW CUSTOMER PAYMENT QUICKLY & EASILY?

 

Key to managing financial crime risk is understanding the transactions a customer makes. This information, however, can be difficult to retrieve, search and analyse. In some cases, regulators place a legal requirement on banks to conduct payment look-backs for up to five years. It is the job of financial crime analysts to investigate customer payments to meet these regulatory demands and manage their bank’s risks. We have built a look-back software platform that is at the heart of managing financial crime risks.

 

Its key benefits are:

  • Simplified collection of raw payments data using international standards.

  • Sophisticated algorithms that organise the payments between customers into a simple “bank statement” view.

  • Powerful search facilities allowing the records of millions of customers to be quickly identified.

  • Easily ‘follow the money’ by clicking the name of third-party customers (counter parties) to reveal all their interactions with your institution.

  • Workflow, reporting and audit trails that fully document the risks that an individual or company poses to your institution.

 

The look-back tool is remarkably simple to implement whatever the size of your organisation. 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.

 

Meet Anna for a quick overview...

 
 
ARE YOU ASKING THE RIGHT QUESTIONS?
Tools and products to help you make better decisions

HOW CAN I MAP OUT MY PAYMENT MESSAGE LIFE CYCLES?

We have built an integrated set of controls for monitoring and reporting on compliance with:

  • SWIFT MT202COV​

  • Financial Action Task Force (FATF) recommendation 16 on wire-transfers​

  • Foreign Account Tax Compliance Act (FATCA)

Identifying the full picture of a transaction is often not straight forward when presented with a single message. We have devised a detailed methodology which fully maps out the payment message lifecycle. By combining this with live data, alongside data from external sources, this enables a suite of powerful detective controls to identify issues.

CAN I TEST OUR SANCTIONS FILTERS AGAINST REGULATORY LISTS?

We have a comprehensive and up-to-date library of payment test files. These test files are used to give assurance to financial institutions that their sanctions filtering systems are capable of detecting the entries on the mandated regulatory lists.

HOW DO I IDENTIFY HIGH RISK CUSTOMERS?

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.

I NEED TO UNDERSTAND ALL OUR CUSTOMER PAYMENT ACTIVITIES.  CAN YOU HELP?

We have developed an integrated framework that 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. For instance, it supports the single-view of the payments that your customer has made. Once fully populated with payments it is capable of providing patterns and insights into the ultimate originator or beneficiary. Enhanced with information relating to messages declined in sanctions screening, it is a rich resource for identifying emerging financial crime risks, operational inefficiencies and for providing complete information to a regulator in a voluntary self-disclosure.

HOW CAN I CONNECT ALL OUR DISPARATE DATA SOURCES INTO ONE UNIFIED VIEW?

Managing data effectively and efficiently to ensure that they are complete, accurate and consistent is becoming increasing difficult as IT systems become more complex and integrated. The challenge is further heightened in the new regulatory environment where regulators are expecting financial institutions to demonstrate adequate data governance embedded in their operational reporting. Those financial institutions that do not comply risk being penalised via tighter liquidity requirements or higher capital ratios or direct fines. We understand and build linkages across diverse data warehouses of transactional data from customer and payment systems. One of our key competencies is linking customer records to the payments that customers make and the sanctions filtering decision. This can be accomplished at the individual customer or payment or across years worth of transactions.

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