Compliance and adaptation to regulations
Know Your Customer is the solution proposed for the Third Anti-money laundering directive in the consumer credit, SIM, SGR, private banking, leasing and factoring worlds. This solution complements the restrictions imposed by law with new-generation operation tools that transform adaptation to standards into a powerful business lever. This solution includes the management of:
- Unified IT archives
- Suspicious operations
- Customer classification
- PEP and Anti-terrorism list management
- Client behavior analysis
Know Your Customer for Payments is a solution developed for payment service providers also specialized in monitoring transactions deemed suspect on the basis of data regarding the parties involved, recurrence, sum, destination and origin of funds.
CE Regulation No. 1781/2006 regarding CE Directive 2005/60 (c.d. III Directive) and FATF/GAFI Special Regulation VII introduces the obligation for payment service providers to verify whether the details of fund transfers contain enough mandatory identification data and if such transactions involve potential or completed money-laundering or funding of terrorist organizations in any way. Banca d’Italia Resolution No. 616 instructs intermediaries to adopt specific IT monitoring procedures.
The Know Your Customer for Payments solution is based on a suite of tools that ensures the minimization of risk through the complete management of compliance processes. The suite is divided into five modules: Analysis, Identification, Evaluation, Monitoring and Information for internal audit and compliance areas.
FRAUDNET is the solution proposed for the prevention of credit/payment card fraud.
The tool deals with UCAMP (Italian agency for the prevention of credit/payment card fraud) signaling problems, and is composed of a standard system configuration module and three modules distinguished by the type of signal to be emitted:
- Acquirer – addressed to financial intermediaries who manage commercial credit card payment acceptance networks
- Issuer - addressed to financial intermediaries who issue credit/payment cards
- Notification - addressed to the Agencies that manage ATM networks