Released on: 31, December 1969
, Author: Abdul Aziz
, Audience: Software related
On August 24, 2007, the Financial Action Task Force (FATF)President, Mr. James Sassoon observed that “In an increasingly interconnectedworld, it is no longer enough to focus efforts on closing gaps that may be exploitedin the system of one country. Criminals and terrorists will exploit gaps between, aswell as within national, financial and other systems. What we need is a globalsolution to a global challenge”.
The first and second generation AML methods & software may have failed to addressthis global challenge comprising of multi-country, multi-product, multi-customerprofiles and multi-transactional behaviors, to detect money laundering & terroristfinancing activities. Technology limitations of these older solutions withassociated huge costs of global deployment, are possible reasons of these failures.Were these detections possible, recent case of largest fine ever in the history ofregulatory penal action against a financial institution in USA, may have beencompletely avoided.
The third generation Enterprise Wide Compliance & Risk Management (EWC&RM)application launched by Divas Software, India addresses these global compliancechallenges in a cost efficient manner. It aligns itself completely to FATF’s40+9 recommendations, allowing principle based compliance function automation forBanks, Insurers and other Financial sector firms.Central to EWC&RM’s design isthe regulatory risk based approach and suspicious transaction monitoring underconstantly 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 Scansof Entire Customer Database Against Constantly Updating Watch-Lists Repository of Photo, ID & Address Proofs Anti-Money Laundering and Anti-Terrorist Financing Transaction Detection, CaseCreation, 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, ComplianceDepartment and Administrator. Global, Regional and Country Compliance Dashboards for Senior Management
Source: Express-Press-Release.com
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