Divas Software Launches Regulatory Compliance Application

August 27, 2007; 01:01 AM

Divas Software has launched Enterprise Wide Compliance & Risk Management (EWC&RM) application that takes care of the compliance function for Banks, Insurers and Financial Services firms. The application comprehensively automates Know Your Customer, Anti-Money Laundering and Combating Financing of Terrorism (KYC-AML-CFT) guidelines based processes for a financial institution. It is capable of updating itself automatically using various watch/sanction lists compiled by global and local governmental bodies including OFAC, UN and others.

Divas Software’s EWC&RM compliance product has been architected, designed and developed based on FATF 40+9 recommendations. Central to its design is the regulatory risk based approach and suspicious transaction monitoring under constantly changing global money laundering practices. EWC&RM’s end-user centric functionalities include:

• Name Filtering against Multiple Sanction & Watch-lists
  
• Single Click Watch-Lists Scans During On-boarding of New Customers and Batch Scans of Entire Customer Database Against Updated Watch-Lists
  
• Repository of Photo, ID & Address Proofs
  
• Anti-Money Laundering and Anti-Terrorist Financing Transaction Detection, Case Creation & Due Diligence
  
• Risk Based Customer Profiling
  
• Regulatory Reporting of Suspicious and Large Cash Transactions
  
• AML Training & Knowledge Updation
  
• Multiple Operational Compliance Reports for the End-users, Ops Managers, Compliance Department and Administrator.
  

These functionalities in conjunction with host of other features of EWC&RM, allows a financial institution to create an organization-wide compliance coverage with the help of automating processes under all the four regulatory compliance areas:

A. Customer Acceptance Policy (CAP)
B. Customer Identification Procedures (CIP)
C. Monitoring of Transactions (MoT)
D. Risk Management (RM)

To achieve this, the application could either be integrated to your core solutions for online transaction monitoring or sit beside your existing applications in an offline mode for batch processing of financial transactional data.