Initially, banks typically relied on training and voluminous documents
(country manuals) to ensure compliance in cross-border banking. However, the
multitude of possibilities and the rapid changes to both regulatory
requirements and their own product portfolios hindered consistent and efficient
compliance by these means. The following approach shows a way in which banks
can reduce risks and expenditure:
The application of ACTICO's Cross-Border Suitability Workplace is a basic step: With this standard software, client advisors check the client
constellation against the current set of digitized instructions for all
relevant countries. The appropriate digital instructions (country manuals) can
be obtained and adapted electronically. Decisions taken by client
advisors in customer-related business could be traced later. This reduced the risk
for the client advisor and the bank.
On this basis, the bank can integrate automatic checking into all relevant processes. ACTICO's Central Cross-Border Suitability Engine provides urgently-needed services. Cross-border compliance is progressively and seamlessly integrated into an increasing number of processes until all relevant processes are covered. Every supported process reduces time expenditure for personnel and, with that, costs for the bank.
Suitability, MiFID and cross-border banking represent a large number of rules and regulations that need to be considered when selling financial products and services. ACTICO Rules delivers results from rule-based analysis and handles the decision making.