Anti-financial Crime Services
How well do you know your customers?
The financial sector is facing an increasing wave of compliance issues. Regulators, both national and international, require financial institutions to implement a risk-based approach to combat money laundering and terrorist financing. Banks are hiring more people to address this, but with cashless societies on the rise, Instant Payments, and new laws like PSD2 entering the picture, it’s difficult to allocate internal resources efficiently. It’s more cost-effective to automate many of the standardized processes surrounding compliance.
We offer three SaaS modules for Anti-financial Crime, which are powered by FICO. These modules are easy to adapt and integrate with your existing systems. Reports can be created seamlessly, with a detailed audit trail. Our Anti-financial crime modules include:
KYC (Know your Customer)
Customer identification and verification are fundamental to protect a financial institution from criminal activities. This KYC module integrates with your CMS. It allows you to create a questionnaire to retrieve as much customer information as you like and then assess the risk of doing business with a certain person or company. Customers obtain a specific risk score and are checked against offshore blacklists, watch lists, PEP lists and sanctions lists. Individuals or entities with prior relationships to countries that have inadequate AML practices are identified. Those engaged in business sectors susceptible to money laundering are also flagged. Risk profiles get updated when the customer’s details change or when sanction lists are modified. The module uses fuzzy logic to identify similarities with watchlist entries, you can more easily detect when a name is similar but not identical. This helps you make compliant and informed decisions about the services you provide.
The module continuously monitors your initial KYC information (like account information and transactions) against real-time behavior and AML/CTF research. So, your institution stays protected throughout the customer lifecycle.
Real-time transaction screening
Banks face an uphill battle when it comes to meeting sanctions obligations. The number of transactions is exploding and regulations are tightening up. Our module screens customers’ holdings and payment transactions in real-time. It checks all transactions for possible connections with international terrorism, sanctions and embargoes, and monitors whether the sender or receiver data matches any entries in watch lists. Suspicious transactions are put on hold temporarily and flagged for investigation. The system uses sophisticated algorithms to reduce false positives, so you can confidently minimize the need for manual checks where possible. You can also adapt the business rules to whitelist individuals or stop words that are automatically flagged.
Our solution meets all legal requirements, including EU Regulations 2580/2001 and 881/2002, and complies with the latest FATF Recommendations (Financial Action Task Force). It’s designed to handle multiple message formats, including SWIFT MX, SWIFT MT and ISO 20022 (SEPA). Need a record of all system checks? No problem. Case results, work steps and decisions on a case are all stored in a PDF report, so you can track and examine specific transactions.
Anti-money laundering: continuous screening of account activity
Our anti-money laundering module checks patterns in your customers’ banking behavior continuously, using data-driven machine learning algorithms and AI. The solution helps you learn from previous Suspicious Activity Reports (SARs) to increase the detection of illicit activity. You can integrate this module with our KYC module to identify and track behavior archetypes and pinpoint transactions that impact customers’ risk scores.
The solution includes two scores, each with intuitive reason codes that allow investigators and regulators to easily understand how the model arrived at the score. The Soft Clustering Misalignment Score learns from statistical behavior and profiles customers using data that is updated with each transaction. The AML Threat Score, which draws on historical data from representative organizations in FICO’s consortium, is designed to identify customers whose transactions have a high likelihood of suspicious money-laundering activity. When a deviation is identified, the system alerts you about the strange activity, triggering a manual check. Pattern recognition between accounts is also possible.
Manage your financial crime alerts in a single environment
Fraud, AML and KYC compliance converge, so a comprehensive view of financial crime data is incredibly useful to detect suspicious activity and work more efficiently. We offer a dashboard that connects and consolidates alerts and cases from these different modules, helping you integrate your data and processes for better compliance decisions. This centralised system supports investigative processes and workflows. Your entire team can use it to collaborate on cases and submit regulatory reports.
Why Visma Connect?
SaaS-based and easy to scale
Our services have built-in flexibility and convenience. Cost is based on volume, so you can scale as quickly and as often as you need.
We handle the maintenance, so you don’t have to worry about changing the system when regulations and business conditions change.
We partner with FICO, a leader in compliance and cybersecurity whose products are used by thousands of companies around the world.
Critical Payments Solutions
- Critical Payments Solutions
- Payments Outsourcing for Banks
- Corporate Payments and Reporting
- PSD2 Connectivity and Processing
- SWIFTNet Connectivity