Money Laundering & Terrorism Financing.

… process by which illegally obtained funds are given the appearance of having been legitimately obtained…

www.austrac.gov.au

What is A Suspicious Transaction?

Commonly, a suspicious transaction is inconsistent with a customer’s known legitimate business activity or with the normal activity associated with that type of account or business.

Grounds or Reasons for Suspicion:

  • Reactivation of dormant accounts
  • Large / unusual / frequent cash deposits or withdrawals
  • Activities inconsistent with the customer profile
  • Large / unusual / frequent inward or outward remittances, And others…

What is Know Your Customer (KYC)

KYC is a process of gathering information on individuals and companies (profiling) and on the trend of account activities.

The information requires:

  • background
  • nature of business
  • source of funds
  • area of residency

What is Customer Due Diligence or Enhanced Due Diligence

CDD & EDD is an act to obtain satisfactory evidence and is properly established in its records to retrieve identity and legal evidence of any person or entity applying to any business with the bank.

It also mitigates the risk of the bank in dealing with high risk customers and performing Enhanced Due Diligence to ensure that periodic reviews are performed on a pre-set and timely manner.

 

Coral iSEM Solution Overview

CORAL iSEMTM is a state-of-the-art Anti-Money Laundering (AML) and Anti-Terrorism Financing (ATF) Solution that enables financial institutions (FI) to comply with AML/ATF regulatory requirements. COREL iSEMTM is a highly configurable and intelligent AML/ATF solution with a built-in detection mechanism to trace and filter out fraudulent transactions with greater efficiency and clinical accuracy. It is a powerful, multifaceted web-based application which provides Fls with end-to-end functionality for AML/ATF monitoring.

Why Choose Coral iSEM

Complete End-To-End solution incorporating all the following features:

Real-Time Messaging Detection

Comprehensive Case Management (STR, CTR, FATCA, High Risk & Sanctioned Alert Management)

Watchlist Filtering & On-Boarding Screening

KYC & Risk Profiling of Customers

CDD & EDD Features

Business Intelligence Tool

Coral iSEM Implementation Overview

Comprehensive KYC, CDD & EDD

Comprehensive Data Management  of Full Transaction details enable the following cultures in Organizations:

  • Consolidated information of entire Transaction Bank-Wide to ensure that the investigator sees all.
  • Single access to data in order to form a holistic view of details instead of the use of multiple systems.
  • Historical Information to ensure that past transactions are tracked for complete investigation processes.

Agent Aggregator – Swift Integration

Comprehensive Case Management System

Case Management System to suit any organization irrespective of size and maturity that include:

  • Centralized / De-Centralized Models
  • Parameterized Case Management Workflows
  • Manual Case Creation
  • Case Assigning Capability
  • Re-Assigning of Cases

Comprehensive Message Screening

Comprehensive Message Screening engine to assist the bank in performing screening of customers in the following formats:

  • SWIFT Message Screening.
  • VCB Messaging
  • CITAD Messaging
  • BIDV Messaging
  • FAST Messaging

FATCA Module

Detailed FATCA Module to incorporate the agreement between the Government of Vietnam and the USA:

  • Complete Government to Government module (IGI Model 1)
  • W-8, W-9 & 8966 Form in accordance to the IRS requirements
  • Indicia Tagging such as Nationality, Place of Birth, Phone No, SSN, TIN and others

Business Intelligence

Business Intelligence assists banks with:

  • Analytical and statistical studies of data from all systems
  • Manage audits by CBM and internal processes by generating reports immediately
  • Management reports
  • Visualization capability such as graphs, charts and etc
  • Trendings that are not detected manually

Total Financial Crime Solution

Complete suite of Financial Crime Solution consisting of:

  • Anti Money Laundering System
  • Internal Fraud System
  • Anti Bribery & Corruption System
  • Compliance Matrix Module
  • E-Learning Module

Risk-Based Analysis (RBA)

The ability to tag and rate according to the risk appetite of the bank and those set by the regulators such as:

  • Risk by Type of Profession.
  • Risk by Geographical Location.
  • Risk by Sector of Profession.
  • Risk by Nationality
  • Product Risk
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