Avaloq software combined with ACTICO Compliance Solutions: A step forward for Compliance
More and more of Avaloq’s clients are enjoying the benefits of an all-in-one compliance offering and using standardized solutions to combat financial fraud.
Avaloq Standard Adapter
Compliance solutions for Avaloq Core Banking System
Avaloq is a global leader in banking software, services and digital technology. And now, thanks to the partnership between Avaloq and ACTICO, Avaloq’s clients can benefit from using the compliance offering as a standardized solution to combat money laundering and financial crime.
Why it’s easy for Avaloq’s clients to use the new compliance offering as a standardized solution to prevent financial crime:
- All financial institutions with an Avaloq core banking system can now integrate it fully with ACTICO Compliance Solutions.
- The Avaloq Standard Adapter manages all relevant compliance analyses.
Key Features
ACTICO Compliance software offer multiple compliance functionalities for banks and financial services providers:
Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF)
The ACTICO Anti-Money Laundering software detects unusual behaviour patterns and money laundering anomalies in payment transactions. It helps banks to carry out the risk assessment of customer relationships.
Customer Due Diligence (CDD) and Know Your Customer (KYC)
Continuous monitoring of KYC profiles and risks to meet customer due diligence requirements based on KYC profiling, risk classification, beneficial ownership, integrated checks in the onboarding process.
Payment Screening – Know Your Transaction (KYT)
The ACTICO Payment Screening software module checks incoming and outgoing payments before they are posted. This involves checking payments against sanctions list data such as BIC, countries and recipients. Unusual transactions are reviewed or stopped before execution.
Customer screening and PEP checks
ACTICO’s Customer Screening software automatically compares new and existing clients against sanctions-, PEP and adverse media lists. Regular checks ensure that banks recognize high-risk individuals in their database and identify politically exposed persons (PEPs).
Prevention of market manipulation
The automated monitoring of ACTICO’s Capital Market Compliance software checks the securities orders against scenarios that indicate market abuse, breaches of rules or insider trading.
Detection of fraud and other criminal acts
The software checks persons, transactions and securities orders using predefined compliance rules. Based on these rule sets, ACTICO Compliance software automatically decides whether a compliance risk exists.
Benefits
Avaloq Standard Adapter
The Avaloq Banking Suite works reliably with ACTICO Compliance software via a standard adapter. Avaloq’s open platform architecture makes it quick and easy to add innovative external solutions. Many Avaloq clients are already successfully using ACTICO Compliance Solutions.
Support from Machine Learning
Compliance officers define the rules that help detect unusual behaviour. Machine learning enhances this by combining expert knowledge with data-driven insights. It improves the precision of known fraud pattern detection while significantly reducing unnecessary clarifications caused by false positives. In practice, machine learning has been shown to cut the effort required to resolve false positives by nearly 60%.
Dealing with regulatory changes
Banks have to master complex business rules in order to meet the demanding regulatory requirements such as the new package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. the Swiss CDB 20 and the FINMA Money Laundering Ordinance (MLO-FINMA). The connection to ACTICO Compliance software gives Avaloq’s clients additional flexibility, transparency and auditability to address the regulatory challenges associated with financial crime.
„Our partnership illustrates the importance Avaloq attaches to the basic principle of an open platform architecture. It enables us to quickly add innovative external solutions to our own range of products and services in order to provide our banking clients with the best possible offering at all times.”
Martin Greweldinger
Group Chief Executive Officer, Avaloq
Find out more
Whitepaper: The future won’t wait. Rethink Compliance
Modern compliance systems pave the way for faster and more accurate task completion. They take over routine tasks and identify unusual transactions or individuals far more efficiently than traditional compliance solutions. Download our white paper for insights into the latest trends and innovations shaping the compliance future.
Download whitepaperapoBank: IT Migration to Avaloq Core Banking System and ACTICO Compliance software
In its digitalization strategy, the bank set itself the target of improving its customers’digital experience. As part of its migration to the Avaloq core banking system, apoBank has overhauled its compliance management system with ACTICO.
Read more about apoBank and AvaloqPress Release: Avaloq and ACTICO expand strategic partnership
Avaloq, a global leader in innovative software solutions for banks and wealth managers, is expanding its existing partnership with ACTICO, a leading international provider of software for intelligent automation and digital decisioning. The two companies are integrating ACTICO Compliance software into Avaloq’s software solutions for banks and wealth managers, making it easy for Avaloq’s clients to use the new compliance offering as a standardized solution to prevent financial crime.
See press release