LHV, the largest domestic financial group in Estonia, will use FICO’s compliance solution to combat money laundering.
The FICO TONBELLER Siron Anti Financial Crimes Solutions will help it fight money laundering and comply with a host of European financial regulations. It
LHV said it will use the software’s customer risk scoring, screening, transaction monitoring and behavior monitoring capabilities to comply with the 4th and 5th EU Money Laundering Directives anti-money laundering (AML), know your customer (KYC) and other regulations aimed at stopping criminal finance.
“Our bank’s security and reputation are vital, and we need to make sure we operate according to changing global regulatory requirements,” said Martti Singi, chief risk officer of LHV. “After reviewing the top solutions in the market, we concluded that FICO’s solution was the most powerful, comprehensive and flexible. In addition, we were impressed with their roadmap for AML analytics using artificial intelligence and machine learning.”
Founded in 1999, LHV has 135,000 banking clients and more than 180,000 investment clients. It plans to open an office in London this spring, having received approval from the UK’s Financial Conduct Authority.
“AML regulations are making it harder for criminals to launder money, and FICO is making it easier for banks like LHV to comply,” said Torsten Mayer, vice president for compliance solutions at FICO. “This is a priority for banks worldwide, and no firm has as complete a solution as FICO.”
Based on the Siron product family, FICO TONBELLER develops and implements standardised and individual solutions against financial and white-collar crime and for risk management and monitoring, analysis, and reporting.
It helps organisations of all fields comply with statutory regulations in accordance with the company’s strategy and its efficient risk management and secures competitive advantages. It combines software technology, consultancy and customer support, to create high-performance applications for governance, risk & compliance.
Following the 2015 acquisition of TONBELLER, the company’s Anti-Financial Crime Solutions Suite also provides software modules for tax Compliance, business partner due diligence, counter-terrorism financing, risk assessment and risk & compliance dashboard, as well as KYC and AML.
Earlier this year, European lender 4finance Group said it has deployed FICO, TONBELLER and SIRON solutions across 10 countries and 20 back-office systems in just nine months.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
