Solutions | Financial Crime Control
Financial Crime Control Solutions
Prevent. Detect. Investigate.
The potential for financial crime against financial institutions is higher today that at any time in our history. Identity thieves, money launderers and fraudsters have access to seemingly unlimited resources, can attack from anywhere, and are often disguised as customers and employees. They are dedicated to discovering the vulnerabilities of financial institutions and exploiting them. In what has become a round-the-clock war against a growing horde of ingenious perpetrators who wield the power to cause significant financial and reputational damage, the threat grows larger every day.
In response, a stronger, more comprehensive approach is needed. Perimeter defenses must be shored up to successfully screen out ID thieves and other criminals. Continuous and comprehensive monitoring of transactions and employee behavior must be utilized to quickly and accurately recognize money laundering and fraudulent activity. Real time alerts that enable swift, decisive investigation and action are critical. Only through a holistic program focused on preventing, detecting and investigating financial crime, can financial institutions mitigate the tremendous reputational, regulatory and operational risks that they face every day.
Risk Management with Wiz® Sentri
Wolters Kluwer Financial Services helps identify and secure critical gaps in business processes to better mitigate the risks of financial crime, while reducing the escalating costs and impractical task administration. Working closely with regulators, industry experts and customers, the very latest requirements and best practices methodologies are incorporated into all of our software solutions and consulting service offerings.
Transactional/Internal Fraud: Stops fraud before the funds ever leave the institution by continuously monitoring all activity for signs of fraud and generating real time alerts. The system records and stores all activity data to facilitate investigation, case management and loss mitigation.
BSA / AML: Automate the Customer Identification Program (CIP), Enhanced Due Diligence (EDD) processes, suspicious activity detection, and case investigation to decrease risk and cost.
CIP / KYC: More than identifying customers; develop customer profiles and a true understanding of the expected scope of customer relationships.
FACTA Red Flags/ID Theft: Rapid program deployment that includes program design, program documentation, customer identification, ongoing assessment, account monitoring and reporting.