Risk Classification at Customer Acceptance - Online and in Real-Time
Banks are especially critical regarding the acceptance of new customers. Recording a person's particulars, identifying politically exposed persons (PEPs) and beneficial owners or querying customer information (e.g. reasons for the opening of the account or its expected activity) are only some of the duties stipulated by the guidelines.
The software solution of FICO TONBELLER enables banks to create customer data in dynamic and customizable acceptance questionnaires and to match it with PEP, embargo and other lists in real-time. Since the solution also provides interfaces to the research systems for anti-money laundering and anti-fraud, the information provided at customer acceptance can be checked for discrepancies. As soon as the research systems detect a considerable deviation from the actual customer behavior an alert is reported to the Compliance Officer. Furthermore, integrated management cockpits grant an overall view on the bank's risk situation.
Our solution provides:
- Integration with existing research systems
- Workflow for risk classification for new and existing customers in real-time
- Automatic forwarding of customer information to the systems for money laundering and fraud detection (e.g. Siron®AML).
- Close monitoring of customer acceptance information (ongoing due diligence)
- Audit-proof documentation
Siron®KYC Know Your Customer
Integrated Risk Classification for New and Existing Customers
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
- 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
- Interface to research systems (e.g. Siron®AML , Siron®FD) 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
- Integrated into FICO® Origination Manager to ensure compliance during credit origination processes
Siron®RCC Risk & Compliance Cockpit
Visualization, Management and Control of Risk Measures
The growing complexity of basic statutory conditions is a continual challenge for banks in their effort to combating risks efficiently. The active management of 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 banks a holistic view on their risk analysis including preventive measures and their status. Based on aggregated data from integrated modules such as Siron®KYC, measures are calculated, structured and shown using highly developed visualization techniques.
- 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 (KPIs) that can be adjusted to the bank's risk situation