Introducing the Secured Financial Crime Control Guard

FINANCIAL CRIME CONTROL GUARD is an end to end less complexities web based solution developed with the local and international regulatory requirements in mind to promote and prevent financial crime among banks and special deposit taking institutions to continue to build and maintain financial inclusion integrity.

The scope of work envisages an end to end comprehensive solution for Financial Crime Control Guard solution which includes supply, installation, design, sizing, customisation, configuration, implementation, maintenance and support of the software and other components required. This would also envisage parameterization, historical data management, verifying data quality, migrating data, user acceptance testing, documentation, training, knowledge transfers and support.

FCC Guard Customer risk profile is a comprehensive and user - friendly solution which considers all the necessary ML/TF risk parameters to assess the level of customers’ financial crime exposure prior to or after on-boarding to facilitate continuous customer due diligence. This is product is tailored to the ever needs of Ghanaian Financial Institutions. Some of the features are;

• Fits into the Ghanaian AML regulatory requirements.
• It allows FIs easy configuration to tweak ML/TF risk parameters and weight to be in line with evolving trend of financial crime risk and standards.
• Well-designed process to facilitate Enhance due diligence Process.
• It facilitates risk – based customer KYC update seamlessly thereby reducing compliance cost on customer-on-boarding.

This allow institutions to on-board and track all customers with incomplete KYC documentations or information. It applies a risk management system to ensure timely submission of deferred documents and information. With this FIs are able to mitigate customer on-boarding deficiencies and report unusual activities where necessary. Some of the features are;

• Performs seamless online approval
• Track all accounts with incomplete information or documentation
• Place and release withdrawal restrictions automatically.
• Generates alerts to customers and designated employees when deferral is requested or due.
• Allows for extension of deferral period
• Generates comprehensive reports for decision making
• Highly scalable
• Easily integrated with any core banking application

When Customers’ KYC data are not updated frequently, it raises questions on the effectiveness of transaction monitoring system in place to identify and report suspicious activities. Customers behaviour and KYC data are not static, therefore having effective online system to ensure timely customer update is critical in prevention of financial crime. This update could be triggered based on risk level of a customer, ID expiration, positive changes of customer’s behaviour, etc. FCC Guard Customer Profile update support FIs to prevent risk associated with inefficient continuous customer due diligence. The features are;

• FCCG is an online application with identity verification system.
• Generate alert to customers for KYC/AML Update indicating the triggers
• It has well designed security infrastructure and process flow to mitigate account take-over by financial criminals.
• Batch customer update on a risk-based
• Generate reports for management decision making

Monitoring banking transactions especially in the era of digitization has been observed with a disturbing trend among Savings and loans companies in Ghana. About 80% of the Savings and loans companies do manual transaction monitoring while the remaining have automated systems to filter transactions. Even among the 20%, some do not have enough monitoring scenarios to mitigate risk associated with inefficient transaction monitoring system.

The FCC Guard Transaction Monitoring Systems enable financial institutions to monitor their customers’ transaction behaviour systematically by providing relevant scenarios/rules that analyse the underlying customer transactions and generate alerts of activity that may be unusual and indicative of potential money laundering by considering the customers’ profile and other factors. The system also enables financial institutions to monitor money/assets flows, using scenarios that analyse underlying transactions and generate automated alerts for activities that may be indicative of money laundering. The features are;

• The scenarios are tailored to Savings and Loans companies needs based on their products and services
• Easily integrated with all electronic payment platforms.
• Configurable relevant scenarios/rules
• Risk based scenario/rule setting and group rule setting
• Alert generations with case management system to track all alerts generated
• Real time alert system
• Compliance reporting (STR/CTR) reporting dashboards
• Does behavioural analysis and support detecting and alerting the user in the event of deviation from customers;
  • - the expected behaviour (based on peer group)
  • - historical behaviour
• The FCC Guard Transaction Monitoring system will help financial institutions detect, investigate and report dubious activity among their customer operations through an enterprise case management system.

Monitoring banking transactions especially in the era of digitization has been observed with a disturbing trend among Savings and loans companies in Ghana. About 80% of the Savings and loans companies do manual transaction monitoring while the remaining have automated systems to filter transactions. Even among the 20%, some do not have enough monitoring scenarios to mitigate risk associated with inefficient transaction monitoring system.

The FCC Guard Transaction Monitoring Systems enable financial institutions to monitor their customers’ transaction behaviour systematically by providing relevant scenarios/rules that analyse the underlying customer transactions and generate alerts of activity that may be unusual and indicative of potential money laundering by considering the customers’ profile and other factors. The system also enables financial institutions to monitor money/assets flows, using scenarios that analyse underlying transactions and generate automated alerts for activities that may be indicative of money laundering. The features are;

• The scenarios are tailored to Savings and Loans companies needs based on their products and services
• Easily integrated with all electronic payment platforms.
• Configurable relevant scenarios/rules
• Risk based scenario/rule setting and group rule setting
• Alert generations with case management system to track all alerts generated
• Real time alert system
• Compliance reporting (STR/CTR) reporting dashboards
• Does behavioural analysis and support detecting and alerting the user in the event of deviation from customers;
  • - the expected behaviour (based on peer group)
  • - historical behaviour
• The FCC Guard Transaction Monitoring system will help financial institutions detect, investigate and report dubious activity among their customer operations through an enterprise case management system.

With the aim of fighting offshore tax evasion and ensuring tax compliance around the world, the Organization for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes have developed and implemented the Common Reporting Standard (CRS) under automatic exchange of information (AEOI) since 2014.

With IT Solvers CRS Application, you can prepare and submit financial account reports on all reportable persons that meets the reporting obligations, under the Automatic Exchange of Information (AEOI) to the GRA with ease. With the CRS Solution you can enjoy the following; The features are;

• New Account Reporting
• Correct Account Report
• Seamless integration into Active Directory (User Management)