Compliance

Compliance

Compliance
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Respond to the increasing compliance, reporting, and financial crime control requirements, with comprehensive and flexible solutions.

 

The financial services industry struggles to respond to the compliance, standard reporting and Anti-Money Laundering obligations. They need efficient and effective flexible solutions to help them meet these requirements.

 

FATCA COMPLIANCE (US FOREIGN ACCOUNT TAX COMPLIANCE ACT)

 

Complying with FATCA/GATCA is a major requirement for financial institutions, with the biggest challenge being the vast amounts of information that must be compiled, verified and reported. And gathering the information, in a way that is compliant with the legislation is difficult. FATCA compliance involves a thorough review of information on customer status and for most institutions, a degree of data cleansing.

 

Our FATCA/GATCA solution has industry leading security, control and audit features included as standard. It can evaluate financial institutions’ customers and their accounts against the full range of criteria specified by the IRS to determine if a customer is eligible for reporting. The system will also record and store for each customer the specific criteria used to accept or reject eligibility.

The solution monitors, documents, analyzes and reports suspicious customers’ transactions. It allows a thorough analysis of daily movements to highlight the suspected transactions, and more generally, the behavior of ‘customers at risk’. Alerts are automatically generated and shared through the workflow process.

 

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

 

The implementation of International Financial Reporting Standards (IFRS), is transforming the ‘accounting’ world. The constantly evolving rules introduced new working practices and created new layers of complexity within accountancy, which present challenges to the financial services industry.

 

Our IFRS9 solution comprehensively addresses the specific methodologies and calculations of IFRS, particularly fair value and amortized cost, impairment and hedge accounting which are continuously evolving. The solution's modularity and flexibility enable firms to benefit from certified off-the-shelf functionality which can be tailored to deliver the most effective implementation for their specific situation.

 

ANTI-MONEY LAUNDERING (ALM)

 

Today it is a top priority for your financial organization to comply with regulations like the Bank Secrecy Act (BSA) and USA PATRIOT Act. In addition, the increasing sophistication of money launderers and government regulators demands a more comprehensive response to avoid exposure. Therefore, it is necessary for you to plan for a BSA/AML strategy to protect your institution.

 

We provide BSA/AML solutions based on state-of-the-art technology that are configured to the individual needs of institutions taking a holistic and innovative approach. They deliver a comprehensive real-time monitoring of your organization and its risks, presenting only real threats as they arise and giving you the ability to address those risks in the most efficient manner. The enhanced suspicious activity detection technology helps you to efficiently and effectively fight money laundering in your institution.

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