“Screen your customer”: new cloud service from Diasoft at SDM-Bank
Diasoft announced that it has launched a private cloud service, allowing for customers screening against Public Officials (PO) and Politically Exposed Persons (PEPs) lists
Dec 10, 2013
Since 1991 SDM-Bank has been providing a full range of retail and corporate banking services. Like most of financial institutions SDM-Bank is committed to be in line with the legislation in terms of Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF) in order to optimize its performance.
New cloud service from Diasoft - "Screen your customer" - is used for the automation of business processes of financial institutions in accord to the requirements of the Federal Law No.115-FL dated 07.08.2001 "On Anti-Money Laundering and Combating Terrorism Financing".
The service performs automated monitoring of customer identification information against Public Officials (PO) and Politically Exposed Persons (PEPs) watch-lists in a request-response mode. As a result of this check new cloud service indicates suspicious customers, automatically generating a bar list with percentages showing similarity. If a similarity score is higher than a preset threshold, an alarm is raised and the system assumes that this person is present in the watch-list.
SDM-Bank uses Dow Jones database in xml format in on order to create its own watch-list. The full load of the database is performed once, simultaneously with the launch of the service; only daily updates are required to be uploaded for further operation.
"Cloud service, developed by Diasoft specialists based on Dow Jones database and deployed on our site, allowed the Bank to reduce its reputational and operational risks. Currently the "Screen you customer" service is an integral part of SDM-Bank IT landscape and is successfully used in AML and CFT business processes of the Bank", - says Oleg Ilukhin , CIO, SDM-Bank.
About SDM-Bank
SDM-Bank was founded in September, 1991, Registration number1637. SDM-Bank is a universal commercial bank, specializing on SME and Corporate Lending, Cash Management and Private Client Services. The Bank is headquartered in Moscow, and has 13 full-service offices and 25 satellite offices, 9 regional branches in Perm, Voronezh, Saint-Petersburg, Krasnoyarsk, Tver, Nizhniy Novgorod, Omsk, Rostov-on-Don and Yekaterinburg, Nizhniy Novgorod, Omsk and Rostov-on-Don, and also has a representative office in London. SDM-Bank's Balance Sheet for FYE12 is RUB 32.9 billion according to IFRS (USD 1.09 billion). SDM-Bank is a participant of the Deposit Insurance System since October 14, 2004. Fitch Rates SDM-Bank 'B+' with 'Stable Outlook'. SDM-Bank is also ranked as a Top 31 Russian SME Financial Institution.
About Diasoft
Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements. For more information please visit www.diasoft.com
New cloud service from Diasoft - "Screen your customer" - is used for the automation of business processes of financial institutions in accord to the requirements of the Federal Law No.115-FL dated 07.08.2001 "On Anti-Money Laundering and Combating Terrorism Financing".
The service performs automated monitoring of customer identification information against Public Officials (PO) and Politically Exposed Persons (PEPs) watch-lists in a request-response mode. As a result of this check new cloud service indicates suspicious customers, automatically generating a bar list with percentages showing similarity. If a similarity score is higher than a preset threshold, an alarm is raised and the system assumes that this person is present in the watch-list.
SDM-Bank uses Dow Jones database in xml format in on order to create its own watch-list. The full load of the database is performed once, simultaneously with the launch of the service; only daily updates are required to be uploaded for further operation.
"Cloud service, developed by Diasoft specialists based on Dow Jones database and deployed on our site, allowed the Bank to reduce its reputational and operational risks. Currently the "Screen you customer" service is an integral part of SDM-Bank IT landscape and is successfully used in AML and CFT business processes of the Bank", - says Oleg Ilukhin , CIO, SDM-Bank.
About SDM-Bank
SDM-Bank was founded in September, 1991, Registration number1637. SDM-Bank is a universal commercial bank, specializing on SME and Corporate Lending, Cash Management and Private Client Services. The Bank is headquartered in Moscow, and has 13 full-service offices and 25 satellite offices, 9 regional branches in Perm, Voronezh, Saint-Petersburg, Krasnoyarsk, Tver, Nizhniy Novgorod, Omsk, Rostov-on-Don and Yekaterinburg, Nizhniy Novgorod, Omsk and Rostov-on-Don, and also has a representative office in London. SDM-Bank's Balance Sheet for FYE12 is RUB 32.9 billion according to IFRS (USD 1.09 billion). SDM-Bank is a participant of the Deposit Insurance System since October 14, 2004. Fitch Rates SDM-Bank 'B+' with 'Stable Outlook'. SDM-Bank is also ranked as a Top 31 Russian SME Financial Institution.
About Diasoft
Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
- Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
- Multichannel Front Office operations and client management;
- Middle Office risk management and decision making.
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements. For more information please visit www.diasoft.com