FinDet system not only conducts wide range of analysis, carries out customer/account modeling, evaluates a risk of money laundering, monitors entities against watch-lists and reports to AML Compliance Regulators, but also – thanks to effective cooperation of all system elements and sharing the results of analysis conducted in each module - it delivers a new value in the field of anti-money laundering and combating financing of terrorism solutions.
Money Laundering - detection and prevention
Functionality provided by FinDet system helps financial institutions meet the requirements raised by the Legislator regarding current monitoring and investigating of transactions. By using pre-defined scenarios designed to detect suspicious transactions, FinDet solution makes it possible to effectively prevent an obliged institution from being a target of money laundering attempts. Detection scenarios may be adjusted to current legal and market situation and updated by system users in accordance with emerging needs of an obliged institution.
All entities monitored by an obliged institution are verified by the system in terms of compliance with the requirements defined in the detection scenarios mentioned above. FinDet, through transaction analysis, continuously gathers and processes necessary information. This information enables to build statistical profiles, which subsequently work as a base for evaluation of current behavior deviations.
Besides on-going transactions monitoring, FinDet system enables to conduct cyclical analysis based on specified time periods – it is possible to define schemas that operate on longer time ranges, which allows for deeper analysis and more effective detection of money laundering attempts.
FinDet system helps obliged institutions meet the requirements imposed by statutory law also in terms of analyzed parties’ transaction monitoring against sanction lists (internal or external – governmental or commercial ones) as well as PEPs (Politically Exposed Persons) screening.
FinDet allows for cyclical auditing of all the entities which data is stored in the system, in order to check if they appear on lists. Once an entity is present on a specific sanction list, separate set of parameters may be used to assure effective monitoring (e.g. lower alert thresholds).
Client and beneficial owner identification
FinDet system supports an obliged institution in its efforts addressed to identify a client and verify its identity, as well as determine a beneficial owner. It also allows for initiating specified activities according to risk evaluation.
Evaluation of the risk of money laundering and terrorism financing
FinDet system provides the functionality to evaluate the risk associated with each customer, related to money laundering and terrorism financing. To achieve that, it analyzes all risk evaluation criteria required by the existing law (economical, geographical, objective and behavioral ones).
FinDet - through automatic generation of alerts - reports every suspicion of money laundering activity. The system provides advanced tools for detailed analysis of each alert, including information about the reason of its appearance and providing the means for the accurate action to be taken – rejection of an alerted transaction as a suspicious one, registering an alerted transaction and reporting it to the AML Compliance Regulators.
FinDet enables compliance with the existing law by:
automatic transaction registration,
manual transaction registration,
correcting transactions that have already been registered,
documenting activities related to transaction registration (audit),
standardization of reporting process,
creation and keeping the record of files, that are compliant with the existing law and ready to be send to the Regulators,
storing transactional data.
Reporting capabilities provided by the FinDet system enable to document all the analysis carried on by an obliged institution. Therefore, it is possible to deliver documents and information required by the state agencies for control purposes.