What is Digimind Compliance?
The Digimind Compliance solution leverages open-source web information to fight money laundering, tax evasion, terrorism financing, and other illegal financial transactions. The software application is suitable for financial institutions (e.g. private banking, government revenue agencies) seeking to manage their operational risk and to comply with regulations while still reducing the related processing costs of customer due diligence procedures.
Why Digimind Compliance?
The ever-increasing sophistication of illegal financial transactions includes, coupled with increased regulatory pressure, raises many new challenges to financial institutions:
- Higher costs and increasing resources needed to periodically check customer portfolios at a reasonable pace;
- Increased costs to cross-check profiles with relevant databases (e.g. Lexis, Worldcheck);
- Increased processing time to enroll new customers;
- Heterogeneous CDD (Customer Due Diligence) procedures within an organization;
- And increased operational risks to finance illegal activities due to lack of time, resources, or risk management tools.
Digimind Compliance in a nutshell
Digimind Compliance automates several analytical steps of the CDD process:
- Proof of existence;
- Identification of stakeholders (i.e. management, partners, shareholders, and other beneficiaries);
- Reputation check of each single network node;
- Production of a due diligence report;
- Work flow management to avoid redundant work within the analysis team;
- Internet-enabled techniques to identify underlying risks through a built-in, tailored alert system.
> What are the benefits of Digimind Compliance?
> About the technologies of Digimind Compliance
