Fraud and Financial Crime Management
Gain unparalleled protection from internal fraud and external financial crime. Meet compliance and regulations without complexity.
Bottomline Watchlist Screening Ever-changing Regulatory Landscape Financial Institutions and Corporates firms have a growing ethical and legal obligation to comply with fast moving international AML/CTF regulations. Failure to do so can result in heavy fines, suspensions or even imprisonment. The US Anti-Money Laundering Act (AMLA) is the most significant change in US regulation since the PATRIOT ACT (2001) was introduced, and stipulates the following:
Explicit coverage of digital assets
AML staff must be located in the US
FinCEN’s Customer Due Diligence (CDD) rule places the burden on Financial Institutions to identify their customers’ Beneficial Owners (BOs)
BSA penalty increases
Streamlined Suspicious Activity Reports (SARs) and Currency Transaction Reporting (CTRs) processes
Financial Institutions and Corporates are continually balancing budgets against increasing compliance costs, ensuring that they are always up to date with regulatory changes, and compliance risks are mitigated. The adoption of the “right technology” partner to implement a risk-based approach is critical for a business, enabling successful implementation and embedding of internal controls to manage and mitigate AML/CTF risks.
Money Laundering and Terrorist Finance of Transfers Regulation 2017
EU Anti-Money Laundering Directives: 4AMLD, 5AMLD, 6AMLD
Policing and Crime Act 2017
Proceeds of Crime Act 2002
Financial Action Task Force (FATF) Recommendations
US Patriot Act
REAL-TIME SANCTIONS SCREENING OF TRANSACTIONS
Bottomline Watchlist Screening provides the ability to screen transactions in real-time, against official sanction lists and the organization’s internal lists, enabling fast and effective remediation before payments are processed and executed.
SCREEN CUSTOMERS AGAINST SANCTIONS, PEPS, RCAS AND ADVERSE MEDIA Organizations need to screen customers against watchlists to ensure AML/CTF compliance with local and international regulations. The Watchlist Screening solution provides global coverage of official sanctions published by regulatory bodies such as EU, HMT, OFAC, OFSI and UN.
SCREEN ALL PAYMENTS INSTRUCTIONS
Watchlist Screening offers a single platform for screening multiple payment types such as ISO20022, SWIFT, SEPA, SIC4, Bacs, Checks and Faster Payments. Enabling institutions to remain competitive by offering the broadest range of transaction types.
FAST, UP TO DATE PROTECTION
Bottomline Watchlist Screening enables ad-hoc AML/ CTF investigations and overnight batch screening of customers. Whenever a sanction list is updated, the solution automatically adds any new entity (individual person or company) to the watchlist database, ensuring superior protection and responsiveness to new threats and risks.
The solution offers the following unique benefits and protection:
Cloud-Native SaaS Solution
Automatic, frequent updates to the latest AML/CTF lists
No deployment or maintenance required – low Total Cost of Ownership
Continuous updates with new features
Smart, context-sensitive matching yielding low false positives
Multiple matching strategies are applied for more accurate scoring
Easily add false hits to the exclusion list to reduce future false positives
State-of-the-art, simple and easy to use solution
Quick ramp-up, no training needed
Streamlined and optimized processes to improve productivity
Integration with Payment Solutions
Out-of-the-Box Integration with Swift Alliance Access and Bottomline GTExchange
Various message types supported including ISO20022
Open API endpoints provide seamless integration
ECM offers a robust, modern case management system that imports data from all relevant sources and can export data if needed; investigators can rely on data from disparate sources, methodically collected and analyzed to provide a cross-channel view of suspicious activity.
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