Belarus-based lender Belgazprombank has implemented a new system from Fico that screens financial transactions and customers in order to prevent financial crimes.
The bank has deployed FICO TONBELLER Siron Embargo that will monitor all transactions as well as assess all banking applicants to avoid business with any suspicious person or entity.
Implemented by FICO partner RDTEX, the platform will help the bank to avoid or block transactions with individuals on restricted lists.
The solution will also mitigate the risks with conducting business with politically exposed persons.
Additionally, all the new customers will be checked with dynamic KYC questionnaires.
Belgazprombank executive director Irina Kalechits said: “With the help of our partners, RDTEX and FICO, the bank quickly implemented two modules of the Siron suite, which allowed us to manage our work with various restrictive lists — including lists of public officials, sanctions lists, and lists of persons involved in terrorist activities — at a qualitatively different level.
“Also, the system allows the bank to manage our own lists. We succeeded in meeting the new requirements of the legislation of the Republic of Belarus in a timely manner, and reduced the risks of non-compliance with international banking practices.”
The system included two components Siron Embargo and Siron KYC, to carry out online checks and subsequent analysis.
Built on a single database, both the components allow access to downloaded or created external and internal lists.
All information related to high-risk customers is highlighted to enable swift identification and their further analysis.
Besides helping in addressing financial crimes, the solution reduces false positives.
FICO vice president for compliance solutions Torsten Mayer said: “Regulators worldwide are focused on preventing the financing of financial crime.
“We help Belgazprombank and other banks worldwide to keep up with new lists of high-risk persons and screen every transaction.”