Avaloq and ACTICO expand strategic partnership to prevent financial crime
- Banking , AML and KYC
- 15.04.2020 08:15 am
Avaloq, a global leader in innovative software solutions for banks and wealth managers, is expanding its existing partnership with ACTICO, a leading international provider of software for intelligent automation and digital decisioning. The two companies are integrating the ACTICO Compliance Suite into Avaloq's software solutions for banks and wealth managers, making it easy for Avaloq's clients to use the new compliance offering as a standardized solution to prevent financial crime.
The ACTICO Compliance Suite is an innovative application that uses machine learning methods and offers the following automated compliance functionalities for banks and financial services providers:
· Detection and prevention of money laundering and terrorist financing (AML)
· Customer due diligence and know your customer (KYC)
· Identification of persons of risk and politically exposed persons (PEP)
· Sanction and embargo monitoring
· Monitoring and documentation of employee transactions
· Prevention of insider trading and market abuse
· Detection and prevention of fraud and other criminal acts
This involves checking people, payments and securities orders against established compliance rules, which the Compliance Suite then uses to automatically decide whether a compliance risk exists for new or existing customers. The graphical modeling means that the rules are always comprehensible and transparent and can be supplemented or changed at any time in an audit-proof manner.
New money laundering laws, such as the 5th EU Money Laundering Directive, CDB 20 and the FINMA Money Laundering Ordinance (MLO-FINMA), have already come into force this year. A further amendment to the Money Laundering Act has also been announced for 2021. Flexibility and the ability to adapt compliance rules quickly are top priorities for banks and financial services providers if they are to be able to implement the new regulations on time.
Martin Greweldinger, Avaloq Group Chief Product Officer, said: "The expansion of our partnership with ACTICO illustrates the importance Avaloq attaches to the basic principle of an open platform architecture. It enables us to quickly add innovative external solutions to our own comprehensive range of products and services in order to provide our banking clients with the best possible offering at all times. The new connection to the ACTICO Compliance Suite now gives our clients additional flexibility, transparency and auditability to address the regulatory challenges associated with financial crime."
Thomas Knöpfler, General Manager and Chief Sales Officer at ACTICO, said: "This strategic partnership enables Avaloq's clients to implement their compliance requirements securely and efficiently. The ACTICO Compliance Suite increasingly relies on machine learning methods to improve accuracy and reduce workload. As the level of regulation continues to increase, we believe that a combination of machine learning and existing compliance procedures is the way forward for banks and financial services providers.