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Risk and Compliance

What are the financial crime issues facing banks today?

Between three and five percent of global GDP is laundered annually and this figure is set to increase. As a result, anti-money laundering (AML), and sanctions breaches are coming under increasing scrutiny; resulting in record breaking fines from regulators. In addition proliferation of channel banking has significantly increased bank's exposure to fraud. Open Banking, where banks need to share systems and data with third party service providers adds an additional dimension of complexity and vulnerability.

As well as the direct financial loss associated with fines and fraud, banks and financial institutions are experiencing serious reputational damage. In one case, a firm lost over 20 per cent of its market capitalization within a week as a result of publicity arising from a 'bad news' event.

Costs are spiraling and no longer sustainable: anti-financial crime efforts can cost banks up to 1.8% of total assets, close to US $1 BN in larger organizations and disproportionately high in smaller.

Issues include:

  • Increasingly sophisticated fraud attempts
  • Counter terrorism financing
  • Cryptocurrencies being abused by criminals
  • Money laundering growth
  • Fines from sanctions breaches
  • A piecemeal approach to financial crime
  • Failure to connect across multiple systems
  • Cost driven to the detriment of prevention

How our solution helps

Our Financial Crime Mitigation product family is a range of intelligent, analytical detection engines that are accurate, fast, easy to configure and simple to use to mitigate financial crime. Its sophisticated approach ensures increased efficiency by saving time and lowering data-mining costs for enhanced decision making and improved collaboration, ultimately completely mitigating against risk. You choose the solution you need, whether it be to fight fraud or money laundering, accurately screen against sanctions lists or ensuring customer enhanced due diligence:

  • Safe and accurate algorithms
  • Complete control and clarity
  • 25 years of experience
  • Full automation
  • Intelligent analysis
  • Ready and easy integration
  • Reduced total cost of ownership in regulatory compliance
  • The flexibility of stand alone or integration into Temenos Core Banking solution

¿What's included?

The Financial Crime product family is a range of highly efficient and effective analytical modules, which quickly identify the likelihood that a financial crime has occurred. They have been designed to provide banks with a range of fully automated financial crime mitigation solutions (while also supporting the ability for manual work arounds), that ensure minimal impact on their customers. The advanced range give banks the reassurance of accurate and intelligent behavioural analysis tools that guard, in part, against the growing impact of financial crime mitigation breaches including fines, prison and poor PR. Seamlessly fitting with any banking architectures, they feature preset connectors for any Core Banking, database, operating system or network device used in banks. The products also have real-time auditing interfaces, allowing banks to easily view all detected activities at any time.

The main modules that are available (but are not limited to) are:

  • Profile
  • Screen
  • KnowCustomer Plus (KC+)
  • Suspicious Activity Prevention

How it's delivered

We work with a global network of leading business, technology and services partners to reduce implementation risk, enable a faster time-to-market and provide innovation. Our technology partners include HID, NetGuardians, and SofGen, amongst others.

Financial Crime Expert Services are available to support our clients to prepare and implement our Financial Crime product family modules. Our Expert Services group offers both one-off tailored consultancy, and training. Both are delivered by some of our most experienced consultants, who have strong links to our R&D team and time set aside for contributing to the product development process. These services cover our entire product set and are designed to help our customers optimize their use of our products, increasing the return from their Financial Crime software investment. Productized services are delivered in a repeatable, consistent way and are generally delivered in a small number of weeks, depending on the service selected.

Our experts are on hand to help you