Ensuring Anti-Money Laundering and Customer Due Diligence

Challenge

The opening of a business relationship, the ongoing monitoring of transactions and embargos, and the customer due diligence of each business partner must be reviewed from a compliance perspective to secure complex financing. ACTICO software was faced by this challenge.

Objectives

• Implement a new software solution for anti-money laundering
• Recognition of high-risk persons and embargo monitoring
• Monitor project and export financing

Solution

The automatic workflow leads the relationship manager through the process of opening a business relationship and creating a KYC profile. The various relationships of persons involved in large credits can be graphically represented in ACTICO’s “Relationship Browser”. This makes it possible to more easily identify relationship networks and resulting risks. Key characteristics of the solution are:

• Workflow in the onboarding process
• Graphical display of networks
• Permanent monitoring of potential money laundering scenarios
• Checking personal details against PEP and sanctions lists entries

Impact

The Money Laundering Detection System (MLDS) module of ACTICO’s Compliance Suite includes a KYC profile (Customer Due Diligence) that plays a particularly significant role in reviewing and clarifying complex financing, thus proving to be an ideal fit for KfW IPEX-Bank.