Anti-Money Laundering (AML) Software Banks | TONBELLER

The Leading Software for Money-Laundering Research and Monitoring

Anti-Money Laundering (AML)

Banks are particularly affected by money-laundering risks due to their product portfolio. Compliance departments often struggle with the challenge to protect their banks against misuse and to comply with the current statutory requirements (EU money-laundering directive, FATF recommendations).

FICO TONBELLER provides banks with a solution to efficiently counter money-laundering risks and events at all times and stages. Money-laundering risks are identified, classified, assigned to measures, and implemented for the check. Specific modules perform initial and continual risk classification of new and existing customers and provide due diligence tasks in the research system. The money-laundering alerts generated by this system are based on customer data and custom settings specified by the user according to the risk. Case management functionality supports the decision process from invalidating a suspicion to filing a suspicion activities report (SAR). Transactions are checked for relevance to international terrorism and may be stopped, whereas management cockpits enable governance, i.e. the company's targeted money-laundering control based on the classified risks.

Our solution offers:

  • Coverage of all statutory requirements
  • Full check of customers and their transactions
  • Multi-clients and multi-lingual user interfaces
  • Standard modules and flexible adjustment options
  • Best-practice money-laundering check scenarios from a large number of customer installations
  • Easy integration with banking systems through standardized and flexible interfaces
  • 100% audit-proof documentation

Siron®RAS Risk Assessment

Assess and Manage Money-Laundering Risks

Siron®RAS helps banks create and continually develop their risk analyses. Identification, categorization, and the assessment of money-laundering risks are the foundation of all subsequent activities within the bank to initiate and design comprehensive research programs. Targeted organizational steps may be derived and IT prevention measures implemented. This does not only support the individual control of money-laundering risks. Focusing on essential risks may also result in savings through efficient resource allocation and more potent check procedures. Integrated workflows for cross-departmental risk assessment, audit-proof documentation, and customer assessment options complete the picture.

Key functions:

  • System-based specification of the internal organizational and business structure
  • Workflow for identification, categorization and weighting of the institution's money-laundering risks
  • Large database with predefined money-laundering risks
  • Measures for risk prevention and minimization, including functionality for time and task management
  • Siron®AML interface to check the efficiency of monitoring measures and for continual enrichment of the risk analysis through up-to-date key-figures

Siron®KYC Know Your Customer

Integrated Risk Classification for New and Existing Customers

Anti-Money Laundering with Siron®KYC

Customer acceptance is the first step. Due to statutory requirements (e.g. U.S. Patriot Act, Bank Secrecy Act, EU money laundering directive), banks are obliged to gather audit-proof information for natural and legal persons along with their beneficial owners and use this data for risk classification. If the risk incurred through the customer relation is too high the bank must reject the customer. To this end, Siron®KYC uses third-party databases with ready-to-use interfaces:

  • Sanction and Watch Lists
  • PEP data (information on politically exposed persons)
  • Information on the company's beneficial owners

Key functions:

  • Flexible integration with existing customer acceptance processes
  • Compliance with statutory due diligence for risk-based customer acceptance
  • Designer to create dynamic customer acceptance questionnaires
  • Customer information is matched with sanction and watch lists to identify criminals, and with PEP databases to comply with enhanced due diligence for politically exposed persons
  • Automatic retrieval of the beneficial owner for legal entities
  • Real-time risk classification through default and customizable rules
  • Siron®AML interface to detect deviations from the initial "intentional" description and the actual behavior of the customer
  • Standardized data interface to the core banking system to check existing customers

Siron®AML Anti-Money Laundering

Risk Profiling and Money-Laundering Alerts Through Customizable Scenarios

Anti-Money Laundering (AML)

The initial risk classification during customer acceptance is to be complemented through risk profiles based on the long-term customer behavior. Due diligence applies to each classified customer (e.g. high-risk private customer). The corresponding functionality is part of the Siron®AML standard solution. The system is shipped with a set of predefined anti-money laundering rules (e.g. for dormant accounts with a sudden increase in transactions, smurfing). Furthermore, compliance officers can employ the easy-to-use program interface to specify additional money-laundering scenarios.

Integrated customer acceptance in Siron®KYC detects deviations from the initially described behavior. An alarm is triggered if the customer does not behave accordingly. These alerts can be fully analyzed in the Analysis user interface. Case management functionality supports the decision process from invalidating a suspicion to filing a suspicion activities report (SAR).

Siron®AML has proven its worth more than a 1000 times.

Key functions:

  • Predefined check rules to comply with the minimal statutory anti-money laundering requirements
  • Check rules derived from the risk analysis
  • Graphical rule editor to adjust the risk-based anti-money laundering check strategy
  • Due diligence functionality through custom thresholds for risk categories
  • Intuitive alert processing and case management
  • Workflow for suspicious activities reports (SARs) in a country-specific format
  • Link analysis to visualize payment flows and money-laundering networks

Siron®Embargo Embargo

Matching Payments with Sanction Lists

Anti-Money Laundering with Siron®Embargo

Preventing the financing of terrorism is another of the bank's task regarding compliance and anti-money laundering. Transactions have to be checked for links to international terrorism and stopped. Siron®Embargo matches sender or recipient data with entries in the sanction lists (e.g. names or aliases of terrorists, terrorist organizations, or criminals). Numerous national and international sanction lists are used, e.g.:

  • US Department of the Treasury: Office of Foreign Assets Control (OFAC)
  • EU Common Foreign Security Policy (CFSP)
  • Her Majesty‘s Treasury (HMT)
  • United Nations 1267 Committee's Consolidated List
  • Federal Gazette (Bundesanzeiger)

Transaction alerts triggered by a match with the sanction lists are "frozen" by the system. This prevents any possible transfer or change of ownership. Transactions without alert are returned to the payment flow. Siron®Embargo logs all checks, steps, and decisions for each transaction related to a case in an audit-proof manner.

Key functions:

  • Real-time matching of all recipient or sender data with national and international sanctions lists
  • Processing of SWIFT, non-SWIFT, and SEPA payments
  • Extensive search routines and sophisticated fuzzy-matching to identify persons with a criminal or terrorist background
  • White lists and custom check rules to reduce check expenditure and false positives
  • No IT knowledge required to specify settings and rules

Siron®RCC Risk & Compliance Cockpit

Visualization and Control of Anti-Money Laundering Measures

The growing complexity of basic statutory conditions is a continual challenge for banks in their effort to combating money-laundering efficiently. The active management of money-laundering risks and activities for all connected national and international departments and subsidiaries requires an up-to-date central overview of the most important variables. Through cockpits designed according to the latest findings of perception psychology, Siron®RCC grants banks a holistic view on their risk analysis including the preventive measures and their status. Based on consolidated data from integrated risk-assessment and research systems (e.g. Siron®RAS, Siron®KYC, Siron®AML, Siron®Embargo), measures are calculated and presented using sophisticated visualization techniques.

Key functions:

  • Fast, daily management overview in accordance with the GRC approach
  • Early detection of shortcomings of and risks in the internal control system
  • Analyses and comparison of trends and money-laundering risk development
  • Drill-down (e.g. per country, subsidiary, customer category, risk factor)
  • Configurable charts
  • Key performance indicators (KPI) that can be adjusted to the bank's risk situation