Rigensis Bank AS (Rigensis) has selected Siron®AML from TONBELLER | FICO TONBELLER

Rigensis Bank AS (Rigensis) has selected Siron®AML from TONBELLER

To manage their activities on the Prevention of Laundering the Proceeds from Criminal Activity and of Terrorism Financing. Solution offered by TONBELLER helps Rigensis to expand their compliance program, streamline operations, release employees from manual work and be compliant with provisions of Latvian and European normative acts in field of Anti-Money Laundering.

Riga, Latvia, Bensheim, Germany, May 24th, 2012 – TONBELLER today announced that Rigensis Bank AS, based in Riga, Latvia is implementing the Siron®AML solution to help manage its compliance program, especially in the area of anti money laundering (AML). Rigensis Bank is focused on services orientated to large corporate customers that operate in international markets and with foreign partners. In the long term, the bank also intends to develop investment bank business in Latvia and other countries. Besides the corporate customers the Bank plans to attract also individuals with moderate and large incomes.
„Since our foundation in June 2011, we very quickly reached a point where we required an automated IT-based system for our AML strategy. Besides of being fully compliant with Latvian and EU-based laws and regulations, we wanted to relieve our employees from manual work and secure the highest security standards“, says Rolands Pētersons, Chairman of the Board of Directors of the Rigensis.

In order to help meet these goals, Rigensis was looking for a solution that provides full compliance with regional and international AML laws, helps to avoid reputational risk and runs efficiently. An additional important factor was that the solution should have a broad international installed base as well as installations in Latvia paired with sophisticated technology and features. A majority of Rigensis clients are located outside of Latvia, which is why local and international requirements are important to Rigensis business.

“After a broad market research for AML solutions we quickly came to the conclusion that all of our regulatory, business and technology requirements could easily be fulfilled by Siron®AML . This paired with very attractive conditions, the services available and supported by visits at Latvian reference clients made the decision for Siron®AML easy for us”, explains Rolands Pētersons. “What finally convinced us was TONBELLERs excellent local and international reputation as well as the robustness of the solution.”

Siron®AML is an AML solution that effectively monitors customer transactions using institute-specific research scenarios, historical information and peer group profiles to identify AML activities. Siron®AML takes a risk-based approach to the critical task of monitoring unusual and suspicious transactions. The solution applies advanced analytics and scenarios to customer data from all departments, branches and areas of the bank to automatically identify and classify suspicious behavior. It helps financial institutions to manage customer-centric alerts and integrates seamlessly with the data from the customer acceptance questionnaire (initial account opening KYC information) in the ongoing customer due diligence process.

Within three months from beginning of the project until the final sign off, members from different departments and the executive management could convince themselves of Siron®AMLs capabilities by visiting Latvian banks that already have the solution installed as well as learn from some of the best practices that are the results from more than 850 installations in 50 countries worldwide. A global partner network and an effective professional services team from TONBELLER will offer the possibility to quickly have Siron®AML up and running.

Torsten Mayer, managing director of TONBELLER: “An efficient and integrated compliance strategy is more and more becoming a crucial competitive factor as criminals are very creative to find ways to transform illegally obtained money into apparently legitimate funds. TONBELLER is looking forward to support Rigensis with their compliance initiatives and put a reliable, cost-effective, and highly automated solution in place that complies with local and international regulations, provides protection from sanctions and relieves the responsible departments and employees from manual work. Regardless of the size of the organization, Siron®AML supports compliance officers with integrated and innovative features that perfectly fit into the compliance strategy of the organization”.

TONBELLER is an international software and consulting company that supports over 1000 clients in 50 countries. In close cooperation with its global partner network TONBELLER meets regional needs regarding know-how and customer expectations. TONBELLERs cross-platform solutions consist of specialized consulting, applications for the fight against financial crime, and tools to manage complex and dynamic decision processes. Sustainability in leadership and software development is an integral part of the company culture, founds the basis for a long-term customer relationship and protects investments. TONBELLER solutions help to manage complex and dynamic data, minimize risk and comply with legal requirements. Through innovative technology and consulting, TONBELLER over 100 highly qualified and specialized employees secure productive deployment and operation of the solutions. TONBELLER is located in Bensheim, Germany.

About Rigensis Bank AS
Rigensis Bank AS was established on June 17th, 2011 and an operating license was issued on June 20th, 2011 by the Financial and Capital Market Commission. The founder of the Bank is well known Russian businessman and banker Mr. Igor Tsyplakov. Today Igor Tsyplakov is the majority shareholder of the Rigensis Bank AS and is holder of 99,04 % of stock, but Alexei Gudaytis is holder of 0,96% of stock of the Rigensis Bank AS. Bank's equity capital is Ls 10 642 000.The goal of the Rigensis Bank AS is to cooperate and promote prosperity for individuals and companies alike. The range of customers of the Bank comprises merchants who operate in prospective branches of national economy, such as infrastructure, transport and manufacturing, where the majority of revenue is formed by exports of goods and services. In the opinion of the Bank, the main argument and advantage in cooperation with customers is its ability to understand the customer and offer appropriate products and competitive services, and to continuously develop their special and unique added value. The Bank’s customer is not geographically dependent on a particular country – its operation covers the whole world.

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