Ensuring Anti-Money Laundering and Customer Due Diligence
KfW IPEX-Bank monitors transactions and personal details in project and export financing.
About KfW Ipex-Bank
KfW IPEX-Bank is responsible for international project and export financing within KfW Bank Group. They offer credit to German and European companies, infrastructure financing in Europe, and financing for worldwide exports and projects.
Flexible Compliance Management
More efficiency in compliance with automation
In the wake of new legal requirements imposed by the EU Anti-Money Laundering Directive and relevant sanction regulations, KfW IPEX-Bank was looking for a software solution to comply with these regulations and support the bank’s specific requirements. The flexibility of the ACTICO software led to it being selected to meet the bank’s functional and technical requirements.
Challenge
Flexible compliance management
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
Compliant onboarding
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
Compliance for tailored financing models
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.
Compliance for unique business cases
Flexibility is required for large international loans.
Read more interesting Success Stories.
Automating KYC and onboarding processes
KfW Group accelerates customer profiling and onboarding by centralizing compliance applications.
How regulation improves efficiency in Business and IT
LGT has decided to embark upon a groundbreaking project: Turn regulation into benefits and profit.
Meet regulatory compliance requirements with ACTICO Name Matching Customer
The insurer guarantees high performance and security by using sanction lists.