Diasoft, a leading provider of software solutions for the global financial industry, announced that it has launched a private cloud service, allowing for customers screening against Public Officials (PO) and Politically Exposed Persons (PEPs) lists.
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.