Financial Crime Compliance System
Within the history of human society the pace and scale of the technology growth experienced today has never before been seen. Proliferation of mobile technologies and the development of applications to practically enable any service available to the modern customer has ensured that we can conduct any activity in any location across the globe.
Although this presents modern humans with an abundance of opportunity to derive benefit from these new technologies, it also provides criminals with an unlimited number of ways to conduct their activities. The current global geopolitical landscape underpinning our modern society, arguably the most polarised in the last 30 years, has resulted in a number of well publicised incidents where criminals have leveraged technology to enact their political agendas such as funding terrorist activities.
With ever more sophisticated criminals and terrorist groups who have moved from the physical world to the online world to conduct and manage themselves, regulators and businesses face a barrage of fraud, money laundering and other criminal activities – all of which have to be identified, monitored, mitigated, reported and analysed. Are you ready?
The compliance burden of slew of regulations placed on financial and other institutions has forced companies to implement a range of capabilities to avoid being fined or, worse, deregistered. There have, however, been many challenges in the implementation of such measures and many fail to address the risks properly. None has been more profound than the problem of data quality.
The design and development of the Rahn Compliance Platform is underpinned by the understanding that data is a major issue which must be addressed for systems to be effective.
The capability to work with various forms of data and incorporating it into a structured data model is one of the key outcomes of the system. The Bulk Upload capability allows non-technical users to upload .CSV data from any source system directly into the Microsoft SQL data model over and above direct SQL to SQL landing from other data sources. Based on predefined and custom is able data quality rules each record’s data quality is determined and reported to create clear outcomes for remediation programs to achieve.
“Money laundering is a very sophisticated crime and we must be equally sophisticated.”
Janet Reno, former United States Attorney General (1993-2001)
The Sanctions Screening capability was developed with flexibility in mind and thus the system can use the two most popular sanctions screening datasets available today. In addition, the Rahn Monitor, which was developed in-house, offers clients with only South African customers a well-priced solution that provides an audited listing of the South African Reserve Bank’s sanctions list requirements. Custom “Do-Not-Do-Business” lists can also be developed and implemented to ensure customers who do not meet our clients’ standards are identified and dealt with accordingly. “Money laundering is a very sophisticated crime and we must be equally sophisticated.”
The Sanctions Screening algorithm enables intelligent match management via our proprietary matching Hierarchy which is further detailed via the application of our Typography methodology. The incorporation of customisable fuzzy logic rules allow for matching in cases where data quality issues result in potential false negatives which are far more risky than false positives. This provides case managers with sufficiently detailed matches and information to take informed decisions in a much quicker and timely manner. In this way, it allows more time for working positive matches and less time spent chasing false positives. Data quality also plays an important role in the case management process and this is addressed in the Sanctions Screening Typography.
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