Counter-Terrorism Financing (CTF) Software Companies | FICO TONBELLER

Preventing the Financing of Terrorism in Companies

SironEmbargo, a SWIFT Certified Application 2016

There is hardly an international enterprise from the industrial, trade, and services sector that can afford to ignore the regulations for the fight against the financing of terrorism – reputation damage in case of a disclosure would be inacceptable.

FICO TONBELLER offers a solution that effectively prevents business with terrorists, terrorist organizations, or other criminals. The solution supports the company's risk analysis and matches business partners, customers, and suppliers with sanction lists. It also matches all movements on the company's accounts with the sanction lists. Payments are detained in case of a match. Detained payments are stored in a database from where they are reviewed to be released or denied. Integrated risk cockpits that are used as information and control components provide a daily overview of the compliance activities.

Our solution offers:

  • High quality and an adjustable fuzziness algorithm
  • Extensibility through custom checks (business rules)
  • Integration with any payment system of the bank (foreign and domestic payments)
  • Integration with existing IT systems and other FICO TONBELLER products through a standardized data interface
  • Easy alert processing
  • Load procedures for all current sanction lists

Siron®RAS Risk Assessment

Assess and Manage Risks for the Financing of Terrorism

Siron®RAS helps companies create and continually develop their risk analyses. Identification, categorization, and the assessment of risks are the foundation of all subsequent activities within the company to initiate and design comprehensive research programs. Targeted organizational steps may be derived and IT prevention measures implemented. This does not only support individual risk management for the financing of terrorism. 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 organizational and business structure
  • Workflow for identification, categorization and weighting of the company's risks (e.g. customer, supplier, product, process and country risks)
  • Large database with predefined risks
  • Measures for risk prevention and minimization, including functionality for time and task management
  • Siron®Embargo 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 Business Partner Screening

    Counter-Terrorism Financing with Siron®KYC

    To protect companies from terrorist-financing risks, it is useful to include business partners, such as suppliers, wholesalers, customers or salesmen, in compliance programs. In combination with Siron®KYC, a workflow-based application for business partner due diligence, compliance with statutory regulations and implementation of the business strategy is secured and risk potentials are detected automatically in the partner networks. Being an integrated business partner screening solution, Siron®KYC allows seamless integration with existing processes or systems. Standardized interfaces to third-party databases, sanction and other public lists allow fast implementation of the solution.

    Key functions:

    • Automatic detection of the suppliers' beneficial owners
    • Automatic retrieval of the beneficial owner for legal entities
    • Continual matching of partner information with sanction lists and PEP databases
    • Real-time risk classification for business partners
    • Custom risk features through business rules
    • Questionnaire designer to model the company's check and approval procedure for business partners
    • Standardized interface to the CRM system to check existing partners

    Siron®Embargo Embargo

    Matching Payments with Sanction Lists

    Counter-Terrorism Finacing with Siron®Embargo

    Preventing the financing of terrorism is another of the company'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 transactions from a terrorist environment
    • 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, Management, and Control of Anti-Terrorist Financing Measures

    The growing complexity of basic statutory conditions is a continual challenge for companies in their effort to efficiently organize the prevention of the financing of terrorism. The active management of fraud risks 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 companies a holistic view on their risk analyses including preventive measures and their status. Based on consolidated data from integrated risk-assessment and research systems (e.g. Siron®RAS, Siron®KYC, 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 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 company's risk situation