TAS Alarmlist at the service of the financial sector
Banks and other financial institutions are under constant pressure to operate accordingly to increasingly stringent anti-money laundering laws.
They have to screen millions of transactions and new customers daily and it means an enormous challenge.
KYC is the key
KYC is the process of identification and verification of a customer, whereby a series of checks are performed to ensure that no money laundering or terrorist financing is involved in relation to the given customer.
This procedure is standard practice for all new banking clients. But what about our existing partners? We have to carry out the same checks again and again. But this is an impossible challenge for the bank staff to perform manually.
That’s why it is necessary to automate the process in a way that queries can be implemented on a mass scale.
Would you like to learn more about our text analytics solutions? Write us or send a message using the contact form at the bottom of this page.
Automating the process
TAS Alarmlist, developed by Precognox, can manage the whole process. All you need to do is to compose a query (even a complex one) only once and the system will run it repetitively at the specified intervals. If it finds a match between the identities existing on our partner list and the names on the wanted lists or watchlists, it will notify the user. Of course, organisations can be also checked as well as individuals. To ensure the successful implementation of the process, TAS Alarmlist also integrates the world’s leading name identification solution developed by Basis Technology.
Safe and sound
The solution not only saves considerable time and effort, but also avoids the giga-fines imposed by the authorities on banks and financial institutions for non-compliance with money laundering laws.
In addition, the system can be used to manage separate projects, taking into account the defined access rights. Of course, different notifications can also be customized.
If you are a financial services provider and want to avoid inconvenience and fines and would like to automate your KYC search processes, you should definitely implement TAS Alarmlist.
Questions and Answers
What is the duration of implementing a TAS solution? Every TAS project has different requirements, although previous projects have been implemented in 1-3 months.
Can you handle special requirements? Sure, no problem. We are not only the owners of TAS Platform solutions but also a software development enterprise, so we are capable of developing your custom solution.
Are you prepared to go into business with enterprises outside of Hungary? We have several partners in Europe and we also have overseas customers. We all speak English, and some of us speak German as well.
Do you have other questions about the product or the quotation? Send your message.