Compliance

Retail & Commercial Banking

Compliance

The increasingly complex Customer Due Diligence regulations relating to Financial crime present a major challenge to banks. With multiple regulatory bodies introducing increasingly demanding regimes the costs of compliance have escalated to a point where they make a significant impact on operational costs. This is coupled with increasingly sever penalties for non-compliance with any part of the combined regulatory framework.

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Overview

The increasingly complex Customer Due Diligence regulations relating to Financial crime present a major challenge to banks. With multiple regulatory bodies introducing increasingly demanding regimes the costs of compliance have escalated to a point where they make a significant impact on operational costs. This is coupled with increasingly sever penalties for non-compliance with any part of the combined regulatory framework.


Business Impact

FROPS provides a single, powerful, Customer-Due-Diligence hub assuring compliance with all the regulatory regimes relating to financial crime including Anti-Money Laundering (AML), Proceeds of Criminal Activity (POCA) regulations, identification of Politically Exposed People, fighting Tax Fraud and Sanctions.

A powerful feature of FROPS is that it monitors existing accounts to intercept any transitions to non-compliant behaviour as well as making very accurate assessments at account origination. The high accuracy with which it provides alerts of transitions of accounts from normal operations to suspicious behaviour ensures that erroneous intervention with legitimate clients activities is minimized.

An additional advantage of FROPS is that once it is set up for compliance it can also be used as an exceptionally powerful Fraud Prevention engine and Loans Book Profitability-Enhancement. Salviol’s FROPS has demonstrated the following result for fraud detection benchmarks in the financial sector:

  • Accuracy of detection of fraud improved by a factor of 4

Advantages

Find out how FROPS can help your business

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