Global Compliance Challenges Addressed Through Local Regulatory Compliance Solution
Released on: September 7, 2007, 12:13 am
Press Release Author: Abdul Aziz
Industry: Software
Press Release Summary: Anti Money Laundering And Risk Based Framework.
Press Release Body: On August 24, 2007, the Financial Action Task Force (FATF) President, Mr. James Sassoon observed that “In an increasingly interconnected world, it is no longer enough to focus efforts on closing gaps that may be exploited in the system of one country. Criminals and terrorists will exploit gaps between, as well as within national, financial and other systems. What we need is a global solution to a global challenge”.
The first and second generation AML methods & software may have failed to address this global challenge comprising of multi-country, multi-product, multi-customer profiles and multi-transactional behaviors, to detect money laundering & terrorist financing activities. Technology limitations of these older solutions with associated huge costs of global deployment, are possible reasons of these failures. Were these detections possible, recent case of largest fine ever in the history of regulatory penal action against a financial institution in USA, may have been completely avoided.
The third generation Enterprise Wide Compliance & Risk Management (EWC&RM) application launched by Divas Software, India addresses these global compliance challenges in a cost efficient manner. It aligns itself completely to FATF’s 40+9 recommendations, allowing principle based compliance function automation for Banks, Insurers and other Financial sector firms.Central to EWC&RM’s design is the regulatory risk based approach and suspicious transaction monitoring under constantly changing global money laundering & terrorist financing practices. EWC&RM’s end-user centric functionalities include:
Name Filtering against Multiple Sanction & Watch-lists i.e. OFAC, UN etc. Single Click Watch-Lists Scans During On-boarding of New Customers and Batch Scans of Entire Customer Database Against Constantly Updating Watch-Lists Repository of Photo, ID & Address Proofs Anti-Money Laundering and Anti-Terrorist Financing Transaction Detection, Case Creation, Due Diligence & Investigation Risk Based Customer Profiling Regulatory Reporting of Suspicious and Large Cash Transactions AML Training & Knowledge Updating Multiple Operational Compliance Reports for the End-users, Ops Managers, Compliance Department and Administrator. Global, Regional and Country Compliance Dashboards for Senior Management
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