A Case of Holistic Financial Crime Management

Banks are really starting to take a more integrated approach to financial crime management, and our announcement today about First National Bank (FNB) of Lebanon is a case in point.

FNB has migrated to the FICO^® TONBELLER^® Siron^® Anti Financial Crimes Suite and fighting money laundering, counter-terrorism financing, tax evasion with a single, integrated platform. They’re avoiding the patchwork approach — different products for every piece of financial crime management — that can lead to problems. By centralizing compliance with one system, FNB can enhance detecting criminal activity, serving customers and reporting to multiple agencies. What’s more, they’re doing it in the cloud using our solution hosted on AWS.

FNB, one of Lebanon's alpha group banks, will use the FICO solution to detect money laundering, terrorist financing and other financial crimes, and report suspected cases to the country’s financial intelligence unit, the Lebanese Special Investigation Commission. FNB will also use the Siron Tax Compliance Reporting module to meet the reporting standards for Foreign Account Tax Compliance Act (FATCA) in the US and the global Common Reporting Standard (CRS), CRS, developed by the Organization for Economic Cooperation and Development.

Two more points of note:

• Their solution will integrate the onboarding process as well as ongoing banking business.
• They are leveraging the local experience and domain knowledge of an educated third party (FICO partner Series Consulting).

“Even in the compliance area, our customers’ satisfaction is paramount,” said Elias Baz, general manager of FNB. “When we decided to change compliance solutions to improve efficiency and customer service, we talked to both local and global providers. The FICO solution was the most flexible, powerful and customizable financial crime management platform on the market. No other provider offered us a platform with this breadth and depth of functionality: from customer risk classification and transaction screening to tax reporting.”

Read more about FNB in our news release.