These functionalities mustmeet your day-to-day needsin terms of :
- Productivity(User needs),
- Traceability and Explicability(Regulators' needs),
- Fluidity and speed of suspicion clearance(Business needs).
Below you'll find themain functionalities that should not be overlooked when choosing your KYC /AML-CFT solutions.
Score
Compliance tools define scores and raise alerts, providing input for systems such asGRC(Governance Risk and Compliance),CRM(Customer Relationship Management) orKYC(Know Your Customer). Imperfect filtering or detection leads to the implementation of inappropriate control procedures. Irrelevant alerts clog up the departments in charge of qualifying them, and can increase intrinsic compliance risk(false positives).
Augmented Intelligence = Relevance and Efficiency
The algorithms encoded in the tools must be relevant and effective. The relevance of detections will optimize the time and resources required by compliance teams, thanks to their scores, to review alerts and carry out the required checks.
Our tools offer superior detection capabilities, withdrastically reduced processingtimesthankstoa powerful detection and reduction engine that is fully automatedfrom start to finish,featuringan unprecedented level of granularity, over 70 reduction criteria, andreal-time responses.
Profiling
Our profiling toolincorporates adynamic parameterizationsystem that enables us to take into account andcross-reference different data from different sources. It enables us totake into account all the company's internal compliance criteria, and to automate certain decisions in order to streamline the customer/KYC process.
Quality lists
All lists of Sanctions and Asset Freezes, lists of Politically Exposed Persons, their relatives(RCA) and/or Persons with a bad reputation(Adverse Media) ... are screened.
Total traceability and explainability
All actions, decisions (manual or automatic), supporting documents, comments, etc. aretraced and stored in yourAML-CFT tool, with the option of making them availableto the relevant authoritiesat any time, in the form of a summary document.
But also, detection of financial transactions
Our transaction filtering/monitoring tools enable you to set alert generation rules or exclusion rules(false positives), based oneach criterion of your transaction. This flexibility is the only way to ensure that your financial security policy is easy to read and understand, and that it is instantly applied to your filtering system.
Automation
The fullyautomatedtoolprovidescustomers with adailylist ofhighly reliablealerts,thanks to comprehensive analysis of existing market data, whiledrastically reducing the number of "false positives." Customers subject to theseregulations—which arerestrictive but also particularly beneficial for business—savea significant amount of time and money.
In addition tosystematic analysisof the customer portfolio (Prospects, Customers, Suppliers, Employees), the tool aggregates "exhaustive" information from allglobal suppliers of information on sensitive customers.Screening is carried out by a "fuzzy logic" detection engine(orthographic approximation) and not simply by "exact match".Relevant screening requires ahigh level of data quality in the customer database(distinct first and last names, date of birth and country of birth, gender, etc.).
As a reminder, in terms of AML-CFT, regulated professionshave performance obligations regarding the detection of sanctioned persons and/or asset freezes. However, they havebest-efforts obligations regarding the detectionPEP, RCA, Adverse Media, and high-risk countries.
Unique performance
The ability of our engines to process millions of items of information in real time means that you can integrate the first checks right from the start of the relationship. For example, this enables a sales rep or digital customer relationship manager to adapt his or her approach and/or the information to be collected immediately.The commercial relationship then becomes completely fluid.
Gone are the days of rigid systems imposing their own formats, closed to other applications and not respecting IT (Information Technology) standards.
Our tools minimize integration project phases, enabling companies tochoose targeted tools rather than "all-in-one" solutions, guaranteeing IT system scalability. Our solutions are fully adaptable to your policies and risk appetite. The current trend is for companies tochoose the best tools on the market and interconnect them within their IT systemsvia these programmable APIs.
Fully integrated, to streamline your customer paths
This makes the integration of the compliance module virtually transparentfrom a technical and, above all, a functional point of view.
Imagine, when entering into a digital relationship,real-time interrogation of the third-party screening engine! In the event of suspicion, the customer pathway can instantly adapt, offering the user an additional step to complete theKYCand thus speed up the decision-making of compliance operators at the moment of investigation.
Thanks to itsfull API Web Services Rest/Json interface, our solutions can be adapted to any corporate information system or digital customer journey. They canbe implemented in record timewith your existing information and management systems. We offer youseamless,secureintegration, with thehighestlevels of securityandconfidentiality.
Choosing the right compliance tools is therefore a crucial step, and one that must be carried out carefully, following a rigorous method and analysis. The effectiveness of yourAML-CFT compliance processes, and thereduction of your risks, will depend on your choice of tools.
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