TCS BαNCS Compliance - Enterprise-Wide Anti-Money Launderin

TCS BαNCS Compliance product catering to the Anti Money Laundering (AML) and Compliance market. It is one of the latest offerings of TCS Financial Solutions and incorporates deep functionality as well as the latest compliance regulatory requirements around the globe.

Given the constant regulatory pressures, changes in environment and need to provide long term support and functional expertise to our banking and financial services clients, TCS Financial Solutions setup an AML Center of Excellence (AML CoE) within its Banking & Financial Services Practice. The functional experts within AML CoE along with a dedicated product development team conceptualized and developed TCS BαNCS Compliance. TCS Financial Solutions has also empanelled ACAMS certified, AML expert who possess several years of experience in US Law Enforcement agencies and provides consultation to Asia Pacific Group.

TCS BαNCS Compliance has been developed to conform to the AML requirements as defined by the key AML regulations across the world like FATF, USA Patriot Act, RBI, FSA guidelines, UN executive orders, APG, etc.

TCS BαNCS Compliance is a comprehensive AML and Compliance solution that enables Financial Institutions (FIs) to achieve regulatory compliance, mitigate risk, safeguard reputation and retain customer loyalty. Its modular and scalable architecture enables financial institutions of all types and sizes to comply with local and global AML regulations in cost effective manner.

KEY FUNCTIONALITIES

TCS BαNCS Compliance provides comprehensive functionality addressing a whole range of Know Your Customer (KYC), AML and Terrorist Financing requirements including:

• Sanctions Filtering against published watchlists like OFAC’s SDN lists, FI’s internal defaulter’s list and 3rd party databases of high risk entities like World Check.

• Customer Risk Modeling enabling the customer risk scoring and customer segmentation into groups with similar risk/behavior profile.

• Link Analysis to uncover undisclosed relationships between accounts and customers and then use them to detect suspicious activities involving multiple accounts/customers. The relationships can be based on static data like common name/id or dynamic inter-account activity.

• Risk-based Transaction Monitoring enabling customized monitoring of transactions based on the customer’s risk/behavior profile.

• Alert and Case Management enabling quick and easy investigation of system generated alerts,. It supports maintenance of electronic case file along with the required workflow and record keeping activities for responding to regulatory inquiries.

• Regulatory and MIS Reporting to generate and file reports with minimal manual intervention.

KEY FEATURES

TCS BαNCS Compliance has been developed using a flexible rule-engine based approach, which is complemented by the artificial intelligence. A selection of rules is pre-built into the engine which allows for meeting the standard AML requirements across the globe. These rules apply across different banking services like retail, corporate, insurance, cards etc. Its flexible engine can also be easily customized by bank’s users to detect additional scenarios.

TCS BαNCS Compliance allows for the transaction monitoring to be monitored at multiple levels:
• In isolation - The transaction is subjected to value based threshold checks.
• In combination with historical transaction of the customer – Threshold analysis for Volume and velocity, Statistical Analysis, Peer Group Analysis and Behavior Analysis is conducted over the set of transactions.
• In combination with transactions done by group of customers – Links analysis based monitoring for structuring etc is conducted.

TCS BαNCS Compliance has a parameterized approach to defining the thresholds and detection logic along with customer risk scoring and profiling. This empowers the business users to directly align the solution to their AML programs within the bank. Simple and easy to use screens and processes considerably reduce the training required by the compliance team managing the solution.

TCS BαNCS Compliance is a web based solution with multi layered component based architecture. It is engineered using open systems, proven EAI technology and is available on diverse platforms.

TCS BαNCS Compliance integrates with financial institution’s transaction processing systems, i.e. core processing systems, payment system etc and customer information file for transaction and customer input feeds. Its rich integration capabilities enable transaction upload and monitoring in both real time and batch mode. It has the flexibility to incorporate any data item and build rules around it as long as it is part of the source feed.

KEY DIFFERENTIATORS

• Flexibility of rule engine coupled with intuitiveness of Neural Network based artificial intelligence
• Provision of transaction monitoring in both online and batch mode
• Highly customizable and flexible solution
• Modular architecture to enable phased implementation
• Both KYC and AML compliance in cost effective manner
 

To learn how TCS BαNCS can assist your organization to experience certainty, log on to www.tcs.com/bancs ot email us at E: tcs.bancs@tcs.com