Due Diligence w2v4v
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A CONSISTENT APPROACH FOR INTERNATIONAL CUSTOMER DUE DILIGENCE IN COMPLIANCE WITH ANTI MONEY LAUNDERING (AML) AND ANTI BRIBERY & CORRUPTION (ABC) LEGISLATION
June, 2013
Consistent procedures for effective client due diligence
1
Business Drivers 1.
Comply with the existing International legal and regulatory requirements surrounding sanctions checking
2.
To improve the efficiency of the sanctions checking process and thus more frequent screening activity.
3.
Deploy electronic systems that promote and facilitate effective Risk Oversight and Management Reporting
4.
Demonstration and installation of international frameworks of good Risk Management and Compliance, FSA (Banking)License
5.
Create a consistent and cost effective approach for improved screening against countries targeted individuals, and institutions
6.
Adopt a risk based approach to screening in turn reducing false positives and maximising efficiencies
7.
Automate and maintain a complete audit trial of all activities performed as part of the counterparty screening process
8.
Ensure the chosen solution is flexible and scalable to integrate with existing systems and additional data types (such IDv, Company Info)
9.
Enable simple introduction of internal do not do business with lists
10.
Maintain searchable central repository of activities for management, audit and regulatory visits
11.
Deliver Workflow management and effective Case Management
12.
Reduce Financial Crime losses
13.
Realise cost savings and efficiencies through uniformity of CDD approach and integration with CRM’s
14.
Successfully demonstrate compliance of the 2 minute rule when under internal Audit
June, 2013
Consistent procedures for effective client due diligence
2
How our Risk Solutions fit in the workflow
June, 2013
Consistent procedures for effective client due diligence
3
Pause, Listen, Reflect, Improve 1. There is no need to reinvent the wheel o
development existing Policies to include a corruption and anti money laundering perspective. Not forgetting to revise procedures and recommend systems and controls that demonstrate a commitment to instill improved frameworks of compliance and risk management.
2. Involve stakeholders from across the business o
Understand the barriers to implement policies, procedures and controls. Establish business, technical and regulatory buy in from each business unit and assess the levels of investment.
3. Technology can be an enabler o
Integrate automated systems, controls alerts with existing IT infrastructure. Ensure the new systems enable a risk based approach when performing due diligence at the point of client opening and on an ongoing/monitoring basis.
June, 2013
Consistent procedures for effective client due diligence
4
Complete and Controlled Watchlist Screening 1. Faster and Safer Opening o
The simple UI and aggregated data set permits Lexis®Diligence to an integrated and consistent approach for effective client due diligence. With its full reporting capabilities and intgeration with Bridger XG, you can feel safe and secure with the complete audit trial.
2. Easy, Efficient and Automated Ongoing Monitoring o
Performing risk-based ongoing due diligence on your entire customer base is made simple and easy through using Bridger XG. Its intelligent Fuzzy Logic search engine coupled with intuitive Case Management, Management Reporting and Integration tools eliminates duplicate False Positive Matches reduces the time spent processing potential matches.
3. Complete, Secure and Full Audit Trial and Management Reports o
Demonstrating adequate procedures, whilst adhering to corporate security policies has never been simpler. With Bridger XG’s comprehensive Systems Log, Usage Metrics and policy, one can be assured that information is secure and correctly tracked throughout it’s lifetime.
June, 2013
Consistent procedures for effective client due diligence
5
Our AML and ABC Solutions 1. Lexis®Diligence
The Lexis®Diligence application enables s to quickly check high-risk entities against global databases of news, company filings, biographies, international legal case history sanctions and PEP lists to assist proof of identity and reveal associated interests. Additional functionality can target derogatory news that has appeared in an unparalleled archive stretching back 35 years and covering 26,000 sources. Lexis®Diligence content includes the must-have world-class sources, as well as hard to find specialised content. Lexis®Diligence is used by the world's top banks, law firms and blue chip companies to mitigate risk every day
2. Bridger Insight™ XG
XG can be configured to launch multiple simultaneous searches of your choice, all with a single transaction request. Extensive watchlist screening - with powerful search logic and low false positive rates Politically Exposed Persons (PEP) Screening - Utilises a strategic relationship between LexisNexis® and WorldCheck / Dow Jones to provide integrated access to a database of known heightened-risk individuals and businesses. Coverage includes money launderers, fraudsters, terrorists, organized crime and sanctioned entities, plus individuals and businesses from over a dozen other categories Custom "hot list" - Protects your institution by creating a list of people and entities you do not want to do business with
3. LexisNexis Analytics
There is a vast amount of news feeds to track in order to identify new risks when they arise. The challenge is to turn this flood of information into intelligent alerts that add value rather than waste time and distract from the task at hand. Lexis Analytics is built to monitor any chosen entity for potentially harmful references such as bankruptcy, terrorism or corruption in a more effective manner. Each Analytics alert has been custom built against a unique combination of entity name, relevant issue and selected content. This means that alerts will be focussed and relevant rather than meaningless noise.
June, 2013
Consistent procedures for effective client due diligence
6
Keu Benefits?
• Gain unique insight and make informed & confident decisions •
Protect your organisation from fraud, extremism and activism, counterfeiting, political risk and other criminal activities with our enhanced due diligence solution for corporate security professionals
•
Mitigate financial risks and safeguard your corporate reputation with our extensive investigative due diligence resources
•
Fully auditable – includes time and date stamping to demonstrate compliance and provide an audit trail.
June, 2013
Consistent procedures for effective client due diligence
7
SOLUTION ILLUSTRATIONS
June, 2013
Consistent procedures for effective client due diligence
8
One Simple Interface for Individuals & Businesses
June, 2013
Consistent procedures for effective client due diligence
9
Case Management & Workflow
June, 2013
Consistent procedures for effective client due diligence
10
Risk and Compliance Oversight
June, 2013
Consistent procedures for effective client due diligence
11
Adverse Media Batch Monitoring
June, 2013
Consistent procedures for effective client due diligence
12
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
13
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
14
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
15
June, 2013
Consistent procedures for effective client due diligence
1
Business Drivers 1.
Comply with the existing International legal and regulatory requirements surrounding sanctions checking
2.
To improve the efficiency of the sanctions checking process and thus more frequent screening activity.
3.
Deploy electronic systems that promote and facilitate effective Risk Oversight and Management Reporting
4.
Demonstration and installation of international frameworks of good Risk Management and Compliance, FSA (Banking)License
5.
Create a consistent and cost effective approach for improved screening against countries targeted individuals, and institutions
6.
Adopt a risk based approach to screening in turn reducing false positives and maximising efficiencies
7.
Automate and maintain a complete audit trial of all activities performed as part of the counterparty screening process
8.
Ensure the chosen solution is flexible and scalable to integrate with existing systems and additional data types (such IDv, Company Info)
9.
Enable simple introduction of internal do not do business with lists
10.
Maintain searchable central repository of activities for management, audit and regulatory visits
11.
Deliver Workflow management and effective Case Management
12.
Reduce Financial Crime losses
13.
Realise cost savings and efficiencies through uniformity of CDD approach and integration with CRM’s
14.
Successfully demonstrate compliance of the 2 minute rule when under internal Audit
June, 2013
Consistent procedures for effective client due diligence
2
How our Risk Solutions fit in the workflow
June, 2013
Consistent procedures for effective client due diligence
3
Pause, Listen, Reflect, Improve 1. There is no need to reinvent the wheel o
development existing Policies to include a corruption and anti money laundering perspective. Not forgetting to revise procedures and recommend systems and controls that demonstrate a commitment to instill improved frameworks of compliance and risk management.
2. Involve stakeholders from across the business o
Understand the barriers to implement policies, procedures and controls. Establish business, technical and regulatory buy in from each business unit and assess the levels of investment.
3. Technology can be an enabler o
Integrate automated systems, controls alerts with existing IT infrastructure. Ensure the new systems enable a risk based approach when performing due diligence at the point of client opening and on an ongoing/monitoring basis.
June, 2013
Consistent procedures for effective client due diligence
4
Complete and Controlled Watchlist Screening 1. Faster and Safer Opening o
The simple UI and aggregated data set permits Lexis®Diligence to an integrated and consistent approach for effective client due diligence. With its full reporting capabilities and intgeration with Bridger XG, you can feel safe and secure with the complete audit trial.
2. Easy, Efficient and Automated Ongoing Monitoring o
Performing risk-based ongoing due diligence on your entire customer base is made simple and easy through using Bridger XG. Its intelligent Fuzzy Logic search engine coupled with intuitive Case Management, Management Reporting and Integration tools eliminates duplicate False Positive Matches reduces the time spent processing potential matches.
3. Complete, Secure and Full Audit Trial and Management Reports o
Demonstrating adequate procedures, whilst adhering to corporate security policies has never been simpler. With Bridger XG’s comprehensive Systems Log, Usage Metrics and policy, one can be assured that information is secure and correctly tracked throughout it’s lifetime.
June, 2013
Consistent procedures for effective client due diligence
5
Our AML and ABC Solutions 1. Lexis®Diligence
The Lexis®Diligence application enables s to quickly check high-risk entities against global databases of news, company filings, biographies, international legal case history sanctions and PEP lists to assist proof of identity and reveal associated interests. Additional functionality can target derogatory news that has appeared in an unparalleled archive stretching back 35 years and covering 26,000 sources. Lexis®Diligence content includes the must-have world-class sources, as well as hard to find specialised content. Lexis®Diligence is used by the world's top banks, law firms and blue chip companies to mitigate risk every day
2. Bridger Insight™ XG
XG can be configured to launch multiple simultaneous searches of your choice, all with a single transaction request. Extensive watchlist screening - with powerful search logic and low false positive rates Politically Exposed Persons (PEP) Screening - Utilises a strategic relationship between LexisNexis® and WorldCheck / Dow Jones to provide integrated access to a database of known heightened-risk individuals and businesses. Coverage includes money launderers, fraudsters, terrorists, organized crime and sanctioned entities, plus individuals and businesses from over a dozen other categories Custom "hot list" - Protects your institution by creating a list of people and entities you do not want to do business with
3. LexisNexis Analytics
There is a vast amount of news feeds to track in order to identify new risks when they arise. The challenge is to turn this flood of information into intelligent alerts that add value rather than waste time and distract from the task at hand. Lexis Analytics is built to monitor any chosen entity for potentially harmful references such as bankruptcy, terrorism or corruption in a more effective manner. Each Analytics alert has been custom built against a unique combination of entity name, relevant issue and selected content. This means that alerts will be focussed and relevant rather than meaningless noise.
June, 2013
Consistent procedures for effective client due diligence
6
Keu Benefits?
• Gain unique insight and make informed & confident decisions •
Protect your organisation from fraud, extremism and activism, counterfeiting, political risk and other criminal activities with our enhanced due diligence solution for corporate security professionals
•
Mitigate financial risks and safeguard your corporate reputation with our extensive investigative due diligence resources
•
Fully auditable – includes time and date stamping to demonstrate compliance and provide an audit trail.
June, 2013
Consistent procedures for effective client due diligence
7
SOLUTION ILLUSTRATIONS
June, 2013
Consistent procedures for effective client due diligence
8
One Simple Interface for Individuals & Businesses
June, 2013
Consistent procedures for effective client due diligence
9
Case Management & Workflow
June, 2013
Consistent procedures for effective client due diligence
10
Risk and Compliance Oversight
June, 2013
Consistent procedures for effective client due diligence
11
Adverse Media Batch Monitoring
June, 2013
Consistent procedures for effective client due diligence
12
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
13
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
14
Adhoc Enhanced Company Information Research
June, 2013
Consistent procedures for effective client due diligence
15
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