Stay compliant. Safeguard your organization against financial crime.
Fighting financial crime is a great challenge for banks and insurance companies. Compliance departments often struggle with two challenges: they face enormous pressure to reduce costs while simultaneously facing the need to fully comply with the regulatory requirements to combat money laundering. These enterprises are under increasing pressure to completely disclose their business relations and to comply with the numerous statutory requirements.
An efficient strategy becomes the decisive competitive factor for any financial services provider. Apart from compliance with legal requirements, flexibility, cost and time needed to maintain an effective money-laundering check procedure are critical factors.
Anti-Money Laundering (AML). Along with the statistical analysis process, money laundering officers can set individual criteria and typologies in the system to identify possible money laundering schemes.
Know Your Customer (KYC) throughout the whole business life cycle. Whenever a customer is categorized as “low-risk” based on his initial stated KYC information, the bank will treat him or her with a simple due diligence. On the other side, customers that are classified as “high-risk” will be treated with an enhanced due diligence. Criminals will always try to provide false information during the customer acceptance process with a goal to enter the bank as a “trustworthy customer”.
Customer-Centric Alert Management. All transactions and customer data that matched the check rules can be analyzed by the compliance-/anti-money laundering officer.
There are a number of different solutions for cash and coin handling, ranging from Teller Cash Recyclers to cash managment solutions and more.
Siron®AML is a research system targeted to the detection of money laundering that uses a risk focused approach to the critical task of monitoring for suspicious transactions. By using Siron®AML you can reduce costs while simultaneously facing the need to fully comply with the regulatory requirements to combat money laundering (3rd and 4th EU Directives).
Siron®KYC provides the capability required to enforce compliance policy while improving the efficiency of the client onboarding process. Siron®KYC is a complete end-to-end solution for managing the whole know your customer process. Carry out checks during customer acceptance and the ongoing customer due diligence process to identify high-risk customers such as Politically Exposed Persons (PEP) as well as persons and organizations that are subject to sanctions.
Siron®RCC provides that holistic overview of internal activities and the risk situation to management boards and Compliance Officers through a unified, visually appealing cockpit. Siron®RCC fulfills the requirements for cross-institutional compliance. Time-consuming and error-prone routine tasks to consolidate data and measures are minimized.
Siron®EMBARGO meet the requirements of global counter-terrorism financing and help the banks to protect its business from reputational risks. Siron®Embargo detects and stops all transactions to/from individuals and organizations named in the sanction lists. The payment transactions are monitored in real time.