Financial crime and fraud affect all institutions, but they are particularly dangerous in the banking sector. It is essential that every organisation detects them effectively and therefore counteracts them.
The BSB Company offers a group of IT solutions to support the process of identifying violations, their verification by a Bank employee and reporting to the relevant supervisory authorities.
AML
Financial crimes can take different forms. They may be aimed directly at a financial institution, and in this case it means extortion, or the crime may be carried out using the services provided by the institution, and it means 'money laundering’.
Banks are obliged by law for anti-money laundering. The Anti-Money Laundering and Terrorist Financing Act of 1 March 2018, which is in force in Poland, obliges financial institutions to analyse and report to the General Inspector of Financial Information (GIFI) the information on the above threshold transactions with a value of more than €15,000 and on suspicious transactions.
To be effective against financial crime and fraud, it is helpful to have the right tool support, i.e. the IT system to detect and thwart an attempted crime quickly. In this respect, the BSB offers the amlSPERT solution – System supporting the anti-money laundering.
Identification of fraud and abuse
The major problem in the banking sector is the phishing attempts that affect credit providers. In order to detect this effectively, it must be fast – in the time between the loan agreement is applied and it is signed. Increasingly, this problem affects the insurance sector, so it becomes essential to have a tool to classify customers by risk and quickly identify attempts at fraud on credit products or financial transactions by both customers and company employees. Other types of fraud are attempts to manipulate financial instruments for financial benefits.
The BSB Company offers solutions to help combat both of these practices: the fraudSPERT – for comprehensive support in detecting attempts at extortion, and the mSPERT – a system for identification of potential manipulation of financial instruments in accordance with the guidelines of the MAD/MAR regulation.
Exchange of tax information with the US and EU countries
The crs.fatcaSPERT System is a proprietary application designed for financial sector institutions, comprehensively supporting the automatic exchange of tax information with other countries such as European Union members and countries that adopted the CRS standard, including the ones supporting the identification of account holders that meet the criteria of persons reported under the Act on the Implementation of the Agreement between the Government of the Republic of Poland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA.
We invite you to read more about our solutions:
The BSB also provides a service to ensure that solutions comply with the changing AML regulations, as proved by the numerous positive audits carried out by the GIFI at financial institutions using our systems.
Moreover, we provide our clients with extensive databases containing information on institutions and individuals involved or suspected of involvement in money laundering, terrorism, drug trafficking, arms trafficking, financial crime. In addition, the database contains profiles of politically exposed persons (so-called PEPs). The access to these databases assists institutions in decision-making and makes them more efficient. The following lists are available:
The list contains more than 1.3 million detailed profiles of politically exposed persons, family members and associates.
The list contains aggregated information from the world’s most important sanction lists (OFAC, EU, UN, BOE, FBI BIS, etc.) and enforcement (execution) lists, grouped into categories. The database includes profiles of terrorists, terrorist organisations, drug traffickers and other criminals. Thanks to information from local market regulators, international agencies and government institutions from around the world, the list also includes warnings against companies and individuals involved in money laundering, fraud, drug trafficking and other similar crimes.
The list contains information from media sources covering profiles of individuals and companies that indicate a risk of criminal offences.
The database is built on the basis of a wide range of sources – including the largest and most important sanction and enforcement lists, as well as information from over 35,000 worldwide news sources and information from regulators and supervisors around the world, including: FDA, UK FSA, SEC and many others.
