KBC Bank live with Data4s anti-money laundering technology

KBC Bank live with Data4s anti-money laundering technology

Belgium's KBC Bank is using technology from Dutch risk management vendor Data4s to detect money laundering activity across its accounts.

The bank is using the vendor's Pinpoint transaction monitoring product to monitor and screen four million accounts daily. After a six month trial, the system went fully operational in May.

The system integrates transactional data with customer information to create a complete profile of customer activity. These profiles are then continuously monitored.

An outline report, as well as alerts and exceptions, are forwared to the six investigators at the bank's AML unit. Data4s says an integrated reporting facility enables the team to handle more alerts in a shorter time frame with more relevant information on hand.

Geert Vermander, director of compliance, KBC Bank, comments: "It is my objective to ensure that KBC bank goes the extra mile by not just having a monitoring and compliance unit, but an active anti-money laundering function."

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