Anti-Money Laundering

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Content
Introduction
Situation Analysis
Objective
Description
Benefits
Details

Introduction

Credit Suisse Group (CSG) is a leading global financial services company and forms the backbone of the banking industry in Switzerland. Credit Suisse Financial Services, a member of CSG, is the leading provider of banking and insurance services in Switzerland and Europe.

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Solution Analysis

Need to fulfill regulations requirements imposed by Federal Law and Swiss Banking Federation and internal Bank regulations.
The unusual transaction detection process has low efficiency and efficacy. There’s no system to help with it.

Money Landering solution comes to terms with the objectives defined by Credit Suisse: improve process efficiency, fulfill norms and regulations, increase control, and finally improve relationship with Customers in an integrated CRM strategy.

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Objective

• Standardize, simplify, and optimize tasks, reduce time and cost of process, and promote the reduction of documentation;
• Guarantee the fulfillment of external and internal norms and regulations;
• Secure information quality through integration with external databases;
• Generate account opening documentation.

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Description

Allows the tracking of clients with unusual transactions, in order to find out whether these transactions refer to money laundry operations or to results of heritages, lotteries, etc.

Through the Money Laundering application, the Relationship Managers will be able to analyze the unusual transactions and if necessary based on customer CIF number they will get more info about the customer and his transactions.

The Relationship Manager will determine the nature of the transactions, make a report, approve and pass it to approval to his manager. These decisions will be stored back in the Onyx Employee Portal system.
The Manager will be able to send the information to the Compliance Department and request further investigation, for a better and more complete decision making.

Functionalities

• Checks unusual banking transactions (Credit Suisse specific business rules);
• Regular (daily) transaction processing;
• Analysis and management of filtered transactions in a systematic and risk free way;
• Task to create a report approved by Management;
• Transactions history;
• Entry and management of KYC information.

Detection Money Laundering process

Phase 1

The main goal of Phase 1 is to obtain the Individual custom limits for every customer who has a Due Diligence incident created on the system.

The Relationship Manager (RM) receives a Due Diligence incident on his Work Manager, opens it, fills the information on the Know Your Customer (KYC) page and establishes new individual custom limits for the customer based on KYC information. He then needs to send the incident to his Manager for approval. If approved, the new limits will be used on tracing unusual transactions the customer may have.

Phase 2

The main goal of the Phase 2, is to check for unusual transactions for every customer that has transactions over determinate value in CHF.

Using the Standard Segment Limits and the limits established during Phase 1, business rules are applied to the process of checking for unusual transactions.
With the exception of Single Transactions, the Standard Limit is a value that defines the total amount of a certain type of transactions that a Customer can have, during determinate period.

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Benefits

Company

• Cut deployment and maintenance cost and time with a 100% Web-based solution;
• Increase workforce efficiency through time-saving tools and interfaces;
• High user adoption rates due to intuitive interface and minimal training required;
• Improve customer satisfaction by creating a consistent customer experience enterprise-wide;
• Take in a more efficient way customer transactions with Laundry Money profiles.

Employees

• Use a simple web environment;
• Improve productivity due to shared knowledge and customizable interface;
• Less wasted time due to inability to locate current, updated information;
• Increase job satisfaction by streamlining and simplifying their work;
• Quick solution, as intuitive interface requires minimal training;
• Collaborate with each other on complex tasks;
• Automate routine tasks;
• Synchronize contacts and schedules with Microsoft Outlook;
• Access news, maps, profiles and market research;
• Review and analyze reports;
• Search the knowledge base and use problem-resolution tools.

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Details

"The teams flexibility and engagement was even higher than the software quality. Both components lead to a successful implementation."

(In Methodus Customer 2002 – Credit Suisse Presentation)

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