KYC/FINANCIAL AND ECONOMIC CRIME

CHALLENGES FOR FINANCIAL INSTITUTIONS

The law calls on financial institutions to take responsibility for detecting financial and economic crime, and to manage other integrity risks. Institutions must ensure that criminals are prevented from laundering the revenues of their criminal activities, that terrorists and sanctioned entities are unable to obtain the financial resources to launch attacks, and that individuals are unable to profit from corrupt practices.

Most criminal activities require access to the financial system to obtain funding, develop ways to launder funds or to move them across territories, ensuring that funds can be used for further criminal activities. Financial institutions may be used unwittingly as intermediaries in a process to conceal the true source of funds that were originally derived from criminal activity or in the process of funding criminal activity, including terrorism.

A Corporate Policy on Financial Economic Crime provides a clear statement on Financial Economic Crime in order to guard against any involvement in criminal activity, and to participate in international efforts to combat money laundering and the funding of terrorist and criminal activities. The policy ensures that the financial institution consistently complies with the requirements of legislation and appropriate guidelines in the jurisdictions in which it operates. It describes the standards on Customer Due Diligence based on KYC compliancy, screening procedures compliant with international economic sanctions regulations, customer activity monitoring including bad press and transaction monitoring, three lines of defence on compliance and a target operating model including training of relevant staff.

HOW CAN DELTA CAPITA HELP: FEC SERVICES

Keeping pace with the rapid evolution of financial and economic crime has pushed the cost of compliance to unprecedented levels. Spiraling resource-requirements are an obvious issue, but many firms also struggle with data integration, manual processes, remediation backlogs, related risk concerns, and consequent poor customer experience.

As these challenges require actions that are not a source of competitive advantage for firms, Delta Capita strongly beliefs in an alternative, collaborative approach. Sharing knowledge, technology and people will improve detecting financial and economic crime, reduce integrity risks, improve customer experience and reduce cost significantly.

On the basis of this philosophy Delta Capita provides an end-to-end service focussed on solving real problems and “getting things done”. For that, we bring our senior industry practitioner experts and strategic partners together with financial institutions and develop and execute solutions for the challenges.

Advisory

We deliver advisory on Corporate Policy and regulatory updates ensuring sustainable compliancy and avoiding outlier risks in a consortium of banks

We can build and facilitate a consortium for a collaborative approach towards KYC / FEC challenges in a utility serving multiple banks using one single core technology infrastructure and a flexible sourcing model

Together with technology and thought leaders we are exploring ways to get ahead and stay ahead of criminals augmenting existing policies and procedures using a combination of the latest hardware and software technologies and cutting-edge research in machine learning and information theory

Delivery

We can define and implement a Target Operating Model for the way of working translated from the FEC policy ensuring sustainable compliancy. TOM will detail  To Be client experience, processes, organisation, technology and data management in general and specified for different client segments and with different products and services.

We deliver support in the technical and functional implementation in an eco-system that allows banks to solve regulation together by developing and delivering a truly digital industry standard for client lifecycle management

We provide Remediation as a Service, the service to establish that the data and documentation of clients are accurate. This becomes more and more important as the reassessment of the available data and information is required to determine and close the gaps with the new regulations

Managed Services

We provide Client Lifecycle Management as a Service managing the full client lifecycle in an efficient and effective way and improving the customer experience through a seamless integration with other processes.  The service is delivered globally with a flexible work force on/near/off shore, the industry standard platform and supplementary services.

We deliver a complete Delta Capita AML Platform including transaction monitoring, client screening and account activity review in external sources, on premise or on the cloud.

Rob Kemna

Rob Kemna

“Delta Capita offers complementary services towards the KYC & FEC challenge. Combining our expertise, global service/operating model and state of the art technology we believe we can make a big difference in the rapid evolution of global regulations”

Our existing range of KYC/FEC Services

We develop various value propositions for our clients. The following illustrates the breadth of our capability across KYC/FEC & CLM: