Anti Money Laundering Solution - VRisk

The Risk suite provides automated, comprehensive, screening and monitoring of payment transaction and other banking messages (such as letters of credit), accounts, customers, correspondents and third parties.

The solution screens in either real-time or offline, depending on the organisations needs. Besides screening it is also able to monitor and conduct a full behavioural analysis of the customer by using the customer’s historical data and account profiles. VRisk provides the customer with a full audit trail that fulfils all investigation needs. By using the VRisk suite, organisations are ably to comply with all federal and international regulatory mandates.

The Risk suite contains all of the following applications - that are available individually or as an integrated whole.

• Watch
  VWatch is an easy to use watch-list management tool which enhances information provided by organisations such as OFAC to generate highly refined new reference lists. These lists include VWatch-generated permutations of the original data which greatly improve the effectiveness of the original list. At the same time VWatch excludes known customers from the permutations to reduce the number of false positives.
• Rules
  VRules provides an intelligent solution to the problem of managing ever-changing regulatory requirements. Scanning rules can be defined and modified and resulting alerts can be routed according to the business rules. The clean and simple interface disguises the sophisticated rule engine which makes the entire suite of applications data driven.
• Scan
  VScan is an exceptionally fast, highly accurate, adaptable and efficient message scanning module. The use of artificial intelligence not only allows VScan to support a wide range of languages and ideographic characters, but to take this a step further to develop meaningful aliases based upon cultural origins. VScan is also capable of identifying suspicious behaviour resulting from a combination of events or actions.
• Check
  VCheck manages the risk process and handles alerts and actions in relation to specific risk types. VCheck integrates easily with a number of screening engines to simplify the complex process of risk management and compliance via a suite of custom-designed interfaces.
• Stat
  VStat is a powerful reporting module which provides detailed reports of the operation of the VRisk suite. This includes the automated production of regulatory-compliant statutory suspicious activity reports, and reports which determine the effectiveness of business rules on the underlying compliance process.
• Linguistics
  VLinguistics is a compliance module that combines IBM´s Global Name Recognition (GNR) technology with Viveo´s state of the art detection technology to greatly enhance AML and ATF compliance screening effectiveness, reducing both the possibility of missed detection, as well as the number of “false-positive” detections that need to be evaluated by compliance operators.

Key Features

• Functional aspects
  • Know Your Customer (KYC)
  • Message Screening
  • Transaction Monitoring
• Is able to decipher free text
• Is able to scan more than just payment messages (e.g. letters of credit)
• Global coverage across multiple business units
• Configuration flexibility
• Easy to use user interface
• Able to adapt to evolving regulations

Benefits

• Global coverage across multiple business units
• High performance – Surgical precision
  • Safe and accurate algorithms
  • Inherits deterministic detection from twenty years of experience in message repair
• Configuration flexibility
  • Adapts to your procedures
  • Imposes those procedures on all daily operations
• Easy to use user-interface
• Proven track record
  • Our largest customer successfully processes more than 1 million messages per day
• High performance
• Very low 'false positive hits'

Return on Investment

Used in the largest banks all over the world, our clients are able to testify to its track record and its ability to reduce operational costs and deliver a tangible ROI over and over again

• Improvement in the accuracy of detection
• Improvement in investigation efficiency
• Reduced operational costs –eradicates hundreds of hours of wasted man hours
• Most importantly VRisk will safeguard your reputation and avoid fines