What is Digimind Compliance?
The Digimind Compliance solution is a software application leveraging web information to fight money laundering, tax evasion, terrorism financing, and other illegal money transactions.
The Digimind Compliance solution is suitable for financial institutions (e.g. private banking) willing to manage their operational risks and to comply with regulations while reducing the related processing costs of customer due dilligences.
Why Digimind Compliance?
The continuous sophistication of Illegal money transactions included and not limited to money laundering, tax evasion, or terrorism financing coupled with increased regulatory pressure raises new challenges to financial institutions:
- Higher costs and increasing resources needed to periodically check customer portfolio at a reasonable pace
- Increased costs to cross-check profiles on on-line databases (lexis, worldcheck, almanach)
- Increased processing time to enroll new customers
- Heterogeneous CDD (Customer Due Diligence) procedures within an organization
- Increased operational risks to finance illegal activities due to the lack of time, resources, or risk management tools
Digimind Compliance in a nutshell
Digimind Compliance automates several analysis steps of the CDD process (customer being a person or an organization):
- Proof of existence
- Identification of stakeholders: shareholders, management, partners, final and other beneficiaries
- Reputation check of each single network node (shareholders, management, partners, final and other beneficiaries)
- Production of the due diligence report
- Work flow management to avoid redundant work within the analyst team
- Internet-enabled techniques to identify undermined risks through a built-in alerting system
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> About the technologies of Digimind Compliance