Integrated Fraud & AML Management

The demands and focus on Financial Services companies to comply with Anti-Money Laundering & Anti-Fraud regulations and legislation has grown considerably and has become one of the key challenges for all organisations. Significant time and money has been devoted to meeting these challenges but much of the subsequent activity has been fragmented across differing geographies, business units and even channels. The result has been an unsatisfactory and dangerous lack of cohesive planning and delivery evidenced by some or all of the following;

Disparate systems and procedures leading to a steadily growing cost to comply

Localised Compliance activity - not necessarily reflective of Group or wider requirements

Lack of process automation and standardisation

System inadequacies for handling multiple data types

Inability to achieve federated data across whole organisation

An inability to respond quickly and effectively to new regulatory requirements

The result has been an inability to achieve a consistent approach to combating financial crime and a failure to present a true enterprise-wide picture of the risk thus placing the organisation and accountable individuals at continued exposure to breaching regulatory requirements.
The core issue in the above scenario has not been a lack of will but of a suitable fraud integration tool i.e. a single tool and process that is capable of delivering a single consistent pan-organisational view for fraud and AML.

Bluerock through its co-marketing have established an integrated financial crime solution (IFCS) that provides a single common approach across fraud and AML activity regardless of geography, business unit or channel. This solution enables organisations to:

Handle all types of data and in any format, from any source and in any language

Deliver leading-edge automation capabilities through deployment of the rules engine

Undertake real time data analysis leading to proactive prediction and profiling techniques

Tackle every type of financial crime - from AML to internal and external Fraud - from the singular opportunist crime to organised networks

Apply pan-organisational compliance and business process rules - and to automate and standardise them

Integrate with internal and external databases - irrespective of their location (currently links to 200 databases worldwide including credit reference agencies , criminal records bureaus and social media)

Integrate easily for data extraction reducing dependence on internal IT functions

Links and communicates with other systems - e.g. underwriting, CRM etc.

Provides an Automated referral workflow management system

Provides a full functioning Case Management system with leading-edge visualisation for ease-of-use

Full Dashboard functionality for reporting and MI

Production of Data analytics for Fraud Efficiency improvement initiatives

Our solution has been specifically developed to quickly address the current risks many organisations are experiencing in their fraud and money laundering monitoring. Its benefits are tangible and quickly realisable;

Real time Fraud detection & prevention (internal & external) with user friendly reporting/dashboard

Comprehensive due diligence for on-boarding and on-going relationships

Federation of data sets cross company and geography borders

Improved decision making and Insight through predictive and analytical analysis

Enhanced and integrated risk management of AML & AF

Enhanced protection against operational and reputational risk