In retrospect: Compliance User Group 2017

Compliance specialists from international banks and insurance companies gathered at the annual ACTICO Compliance User Group on September 19, 2017 in Germany. The event allowed experts to discuss ways and means of integrating new compliance regulations into the companies’ structures

Prof. Dr. Bernhard Koye, Director of the Swiss Institute for Financial Training and moderator of the User Group stated: “Only those who have completely industrialized and digitalized their processes can play in the front line.” 

Roughly 70 participants gained insights into current compliance topics:

Higher customer satisfaction and better transparency at LGT 
LGT reports successes in automation using a central rules engine (ACTICO Rules). The advantages amongst others are: a better overall overview and the minimization of redundant rules. 

More efficient screening of WorldCheck lists at Bank Vontobel  

Bank Vontobel has put the personal and transaction check against the WorldCheck lists on a new basis. Technical processes were thereby improved, false positives were lowered and clarification of plausible hits was improved.

More flexibile Avaloq core banking solution
Relationship managers depend on automatically generated responses in real-time for compliance issues. These demands can be fulfilled when compliance rules are modelled with DMN. The new Avaloq Business Rules Standard Adapter is the right tool for this task.

FATF mutual evaluations and ratings: Implications for financial institutions 
Daniel Thelesklaf, Director of FIU and Chair of Moneyval at the Council of Europe, gave insights about the FATF mutual evaluation processes and ratings. The objective is to implement reliable and comparable AML/CFT standards. 

ACTICO Compliance Suite: Standardization in the jungle of regulation
In the near future, topics such as PRIIPs, MIFID II, FIDLEG, beneficial ownership information according to the EU Money Laundering Directive, General Data Protection Regulation GDPR need to be tackled by compliance officers. Therefore, standardization is necessary to make processes more transparent.