Challenges for Banks
Especially the bank industry finds itself under pressure to comply with the numerous statutory requirements. Non-compliance with these requirements can have serious consequences: Fines, personal liabilities of managers or license withdrawal. Also the bank's reputation may be permanently damaged through bad publicity, which leads to unquantifiable risks for the operation of the business.
Especially the fight against money laundering and the financing of terrorism remains a great challenge for banks while the number of reported alerts increases continuously. While embargo and insider trading has been the top issue so far, the fight against fraud has become more important for banks lately. Defrauders employ a variety of channels or bank products, e.g. credit cards and cheques, online fraud or fraud committed by employees.
To prevent criminals from accessing bank products and services in the first place, banks are subject to enhanced due diligence and are obliged to follow the "Know Your Customer" principle. The efficient fight against financial and white-collar crime in all its characteristics also requires corporate risk assessment and tools to identify known and new complex risks.
With its portfolio of IT solutions, FICO TONBELLER helps bank handle the manifold Governance, Risk & Compliance challenges and comply with the companies' own ethical standards to fight money laundering, fraud and other criminal activities.