Profiler is being implemented at Bank Mandiri (Europe) Limited as a proof-of-concept, during which the Bank will provide feedback on the softwareâs benefits toward automating its AML compliance processes. The project will be supported by Cicada Profiler staff in London and overseen by the Bankâs Deputy General Manager, Brendan Battle.
Commenting on the project, Mr. Battle said, âWe are expecting many benefits from automating our client on-boarding process. As part of our internal project, Profiler will help us automate the many activities and processes involved, including the generation of AML risk ratings, scheduling of reviews and the centralization of client data and supporting documentation into a single master repository. We anticipate this will assist our reporting and audit requirements and increase the efficiency of our operations and compliance activities.â
âWe are pleased that Bank Mandiri (Europe) Limited selected Profiler as part of their evaluation process,â said Wendy Kassel, Vice President â Product Management. âProfiler was designed specifically to help banks automate their compliance policies and provide efficiencies to the KYC on-boarding and review process. We look forward to Bank Mandiri (Europe) Limitedâs participation in our customer feedback program as a key part of our product strategy to provide continued enhancements to Profiler in line with market requirements.â
Profiler helps firms conduct customer on-boarding and the due diligence activities required under anti-money laundering (AML) and âknow your customerâ (KYC) regulations.
The software brings centralization, control and collaboration to the customer management process, by using workflows that organize and drive customer data handling, approvals and routing through all functions, such as account opening, credit, compliance and documentation.
It includes built-in checklist functionality to assure that required customer documentation has been attached, and provides integrated documentation management. In addition, Profiler provides for automated AML risk-based customer profiling, which in turn can help automate the customer review and escalation process, as well as configurable alerts for changes that may impact risk rating or prompt a compliance review.
Profiler is deployed as a packaged solution, with an attractive price structure, low operations cost and âoff the shelfâ implementation. Through its configurable rules, workflows and data model, Profiler can form a new end-to-end customer on-boarding and compliance solution, or it can fit into and improve the efficiency of an institutionâs existing processes and procedures.