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Screen Your Customer!

The global legislation is evolving over the years and it has become mandatory for financial institutions undertaking the efforts in order to detect and prevent suspicious transactions globally. Money laundering becomes more challenging and failing to comply with the specific policies can result with lost reputation and inclusion on the problem list.

One of the key elements for successful functioning of financial organization in terms of Anti Money Laundering – is identification of Customers, their counterparties and beneficiaries. In other words we are talking about screening of the Customer.

High quality of Customer identification serves as a starting point for assessment of risks connected with banking transactions and other operations. It should be emphasized that Anti Money Laundering procedures are important not only due to recommendations by FATF, Moneyval and current legislation that all banks follow like a formal requirement of regulator. Here should be considered the real risks of financial organizations. Neglecting the importance of such a screening procedure, enterprises are getting exposed to reputational, operational and legal risks that in turn can lead to significant financial loses.

Basing on results of the customer screening financial institution acquires an opportunity to make initial assessment of potential risks this customer can bring. It is clear that the risk and especially risk in a bank – can be considered as an economic value, represented in actual figures - in the form of money.

The new cloud service from Diasoft – Screen Your Customer! – helps credit and financial institutions identify customers, their counterparties and beneficiaries in accordance with FATF recommendations. It ensures automatic verification of clients against flexibly configured rules, and in case of identification of a suspicious person automatically generates notifications for the State Control Bodies without the need to allocate additional human resources for the collection of required data.

Screen Your Customer!  service capabilities include:

  • Screening of customers, their counterparties and beneficiaries with respect to their involvement in terrorist and extremist activities
  • Screening of customers, their counterparties and beneficiaries against Public Officials (PO) and Politically Exposed Persons (PEPs) lists 
  • Screening of customers, their counterparties and beneficiaries against personal lists of financial institutions that can be uploaded to the system

 

Screen Your Customer! service lifts the restrictions of various data sources in terms of data formats. It allows forming a single point of service without loss of flexibility and low-cost customization in accordance with bank`s objectives.

Diasoft offers to financial and credit organizations a list of options to run and realize key capabilities of Screen Your Customer! service:

  • Integrate Screen Your Customer!  service into Core banking Solution of financial institution and apply it directly for the business processes
  • Run the service with no integration into Core banking Solution of financial institution
  • Perform batch screening of customer base in accordance with preliminary set time schedule

 

This solution helps to ensure strong analytical support of every decision within the credit and financial institution, and assists to the prevention of financial crimes, ensuring the success and stable financial position for them.

Screen Your Customer! service can be applied at the following stages:

  • ID Identification of Customer or his counterparty by bank`s teller in terms of current legislation
  • Automated processing of financial documentation by core banking solution in terms of current legislation
  • Scheduled screening of Customer or his counterparty in terms of current legislation

 

It ensures the support of different types of national and global lists, including those of the SDN, FFMS, OFAC, an internal list of suspicious clients, a list of invalid passports, and various government and custom lists. It provides FraudCheck, PEPCheck and the ability to check customer`s information for Swift messages. The service works with a tasks list of a financial inspector to detect suspicious customers and keeps record of all their profiles.

Key features of Screen Your Customer! service from Diasoft:

  • Support of official lists by Rosfinmonitoring (FFMS), US Department of treasury (SDN), State Committee for Financial Monitoring of Ukraine and others
  • Support of commercial lists: Watchlist by Dow Jones
  • Quick search across massive databases
  • Automatic transliteration of screened data
  • Generation of a bar list with percentages showing similarity to the expected result
  • Quick integration with new personal watchlists of credit and financial institutions
  • Reduced expenses due to the low-cost integration of service into the current business-processes of credit and financial institutions 

 

TEST OUR NEW SERVICE and contact us on +44 20 3355 7658 or email info@diasoft.com for more information.