News

FICO to support Belgazprombank with KYC and onboarding

Tuesday 2 October 2018 10:47 CET | News

Belgazprombank, a Belarus-based lender, has implemented a system from FICO that screens financial transactions and customers in order to prevent financial crime.

FICO TONBELLER Siron Embargo checks banking applicants and individual transactions to ensure that the bank and its customers do not do business with individuals on restricted lists, such as those who are involved in terrorist activities, and manages the risk of working with politically exposed persons.

The system implemented by FICO partner RDTEX, with assistance from FICO consultants, enables the bank to comply with regulations by blocking financial transactions and freezing funds related to persons involved in terrorist activities. The bank will also use the system to manage financial transactions and work with individuals and public officials, in order to comply with international economic sanctions.

The implemented system includes two components, Siron Embargo and Siron KYC, and performs both online checks and retrospective analysis. Both components are built on a single database and share access to downloaded or created external and internal lists (National Bank lists, Dow Jones database, etc.).

With FICO TONBELLER Siron Embargo, business partners and existing customers are continually matched with the latest sanction lists. New customers are checked using dynamic KYC questionnaires during onboarding. The sanctions screening system integrates simply and safely with the payment process and automatically blocks suspicious transactions matching watch lists.


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Keywords: FICO, Belgazprombank, KYC, onboarding, compliance checks, TONBELLER Siron Embargo, financial crime
Categories:
Countries: World

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