TONBELLER AG supports Ukrainian organizations in their fight against financial crime | FICO TONBELLER

TONBELLER AG supports Ukrainian organizations in their fight against financial crime

Anti money laundering, prevention of terrorism financing and know your customer principles initiatives on top of agendas

Kiev, Ukraine, Bensheim, Germany, May 10th, 2011 – TONBELLER AG will support Ukrainian organizations to deal with developments and impacts of the national anti money laundering (AML) and counter terrorism financing (CTF) legislations.

Ukrainian legislation
In May 2010, President Yanukovich signed the amendments to the Law of Ukraine “on Prevention and Counteraction to Legalization (Laundering) of the Proceeds of Crime and Terrorist Financing”. This in an effort to bring Ukraine’s legislative framework in sync with the rest of the world to combat money laundering and terrorism financing on the territory of Ukraine.
TONBELLER offers support and services in Ukraine and elsewhere in the CIS region to support banks, insurances, financial service providers and other organizations to comply with local and national regulatory requirements in the area of financial crime prevention. TONBELLER offers Siron®Compliance Solutions a set of modular, integrated software for anti-money laundering , counter terrorism financing, fraud detection as well as managing the initial risk rating during customer acceptance (Know Your Customer - KYC principle).

Local language availability
Most of TONBELLERS Siron®Compliance Solutions are available in Russian which supports customers to drive more value in their fight against financial crime.

Latest Developments in Ukraine/Compelling Event:
Early April 2011, Resolution of Board of The National Bank of Ukraine approved No. 189 on Provisions on Performance of Financial Monitoring by Banks. The main changes for banks are that they have to
- Apply a Risk Based Approach  (Risk assessment)
- Apply Anti Money Laundering Controls : Analysis, detection, reporting and automation of the process of detecting
- suspicious behavior
- Automate the process of reporting to the Financial Intelligence Unit of Ukraine (FIU)
- Execute mandatory screening of clients against sanctions lists and list of political exposed persons (PEP)
- Implement a thorough Know Your Customer (KYC) process (account opening and ongoing customer due diligence)

Organizations have to act now
Banks, insurance companies, financial intermediaries and other entities such as stockbrokers, financial traders and casinos will have to put a concrete solution in place that shows compliance with AML and CTF provisions. Therefore, an efficient and integrated strategy is now becoming a crucial competitive factor. Apart from the obligation to comply with legal requirements, organizations are able to avoid damage of their reputation and therefore prevent customer and business loss as well as economic damage of other customers and shareholders by putting a resilient solution into place.

TONBELLERs compliance solutions portfolio and international experience, with over 1000 installations in 50 countries paired with the broad international experience in offering consulting and services, leverages high synergies.
This gives Ukrainian customers and all interested parties the possibility to quickly put a reliable, cost-effective and highly automated solution in place that complies with the regulations, provides protection from sanctions and frees the responsible departments and employees from manual work. It enables companies to effectively counter new developments in money laundering and other financial crimes. TONBELLERs specialists will provide detailed experience, knowledge and best practices to help reach these targets.

Seminar in Kiev for all interested parties
TONBELLER and the Cherry Group, a provider of software and services in the areas of Information Security, Anti-Money Laundering, Fraud Detection, Regulatory Compliance and Risk Management with office in Kiev have set up a seminar to inform interested parties on the impact the new legislation will have on banks in short term and long term.

The seminar will take place on Tuesday, 17th of May 2011 in the InterContinental hotel in Kiev . It will be a half day event where National Bank of Ukraine will be a guest speaker. Christian Drescher, Sales Director CIS Region, TONBELLER and Vladimir Marchenko, Head of Business Development, The Cherry Group, will show how both companies can help organizations to comply with the regulations.

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. Fur further information, visit 

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