Money laundering and fraud in banking sector
Money laundering, financial fraud and terrorism financing prevention has become the main challenge faced by the banks and capital managers worldwide. The objective is to detect and track suspicious transactions and, if possible, to block them before they even appear. The amended Act of May 7th 2009 has expanded the scope of financial institutions’ obligations.
The effective prevention of the aforementioned issues (including money laundering, financial fraud and terrorism financing) involves expenditure, of course. On the other hand, such effective prevention helps reduce the losses caused by such issues, which translates into the bank’s financial performance. It also helps build the bank’s reputation, which is the key business success factor, as the banking sector is perceived as the social trust institution sector.
Due to the number of daily bank transactions, variety of communication channels as well as the large number of business processes, the banks are facing big challenge in terms of effective money laundering and fraud prevention. In order to do so cost effectively, the banks need a solution that would support the personnel responsible for the safety of data gathering and analysis.
IMPAQ Sp. z o.o.’s kdprevent IT platform received a prestigious “Product of the Year IT@BANK 2013” award, which is given every year by “BANK Financial Monthly” to one technology company only. The award was received at IT@BANK 2013 – the largest banking technology conference in Poland.
The tool, which is a fully independent solution operating in the bank’s environment, supports fraud, money laundering or terrorism financing monitoring procedures.
The extended regulations on “money laundering” enforce the implementation of complex solutions, which will record suspicious transactions and support the analytical obligations of the institutions responsible for suspicious transaction monitoring as well as dedicated PEP process. The solution offered by IMPAQ covers all the areas referred to in the amended money laundering prevention act.
Modules dedicated to bank fraud prevention, recently installed in cooperation with Getin Noble Bank S.A. and Alior Bank S.A. focus on the employee/broker/franchisee’s profile and behavior analysis.
Together with the customer behavior monitoring modules (kdresearch), antifraud modules and loan processing support modules form a platform, which offers a unique solution supporting monitoring of the bank’s customers, employees, brokers, branches or IP-addresses.