Compliance Management for Financial Services
apoBank Migrates to the Avaloq Core Banking System and Automates its Compliance Processes with ACTICO.
About APOBANK
apoBank ist Germany’s largest cooperative primary bank. Its unique business model makes the bank a valued partner in the German healthcare market. Its customers include pharmacists, doctors, dentists, veterinarians and the medical technology industry.
Added value in IT functionalities
IT Migration to Avaloq Core Banking System and ACTICO Compliance Suite
In its new digitalization strategy, the bank set itself the target of improving its customers’digital experience and increasing the flexibility and speed with which it could offer them new financial products and services. As part of its migration to the Avaloq core banking system, apoBank has overhauled its compliance management system.
Innovative compliance solution
How Avaloq and ACTICO Provide an Automated Compliance Solution, Based on Machine Learning
The bank decided to update its IT infractructure as part of its strategy of digital transformation. This included migrating to the Avaloq Banking Suite as its new core banking system and overhauling its whole technical infrastructure. Compliance and extensive automation of monitoring systems are vital elements of the customer management process. This is why, after conducting its evaluation, the bank decided to use the ACTICO Compliance Suite – an application that uses machine learning methods to offer a range of automated compliance functionalities for banks and financial services providers.
At apoBank, this software solution handles the following areas:
- Know Your Customer (KYC)
- Know Your Transaction (KYT)
- Anti-Money Laundering (AML)
- Monitoring Securities Trading (Detecting market abuse and insider trading)
- Monitoring employee transactions
Why apoBank uses ACTICO Compliance Software
- All regulatory requirements are covered in the area of anti-money laundering, embargo/financial sanctions, market abuse and insider dealing
- Standard software that has been successfully used by national and international banks for many years.
- Industry-proven standard rules as a basis for quick configuration in the launch phase.
- Graphical modelling of the rules for flexible and transparent mapping of individual scenarios.
- Many years’ experience of working with banks that use the Avaloq core banking system.
"The ACTICO Compliance Suite gives us the benefit of numerous business rules that come as standard with the Compliance Suite, and the system is extremely flexible."
Matthias Schmedt auf der Günne, Director and Head of Compliance, apoBank
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