Eurobank Detects Money Laundering In Real Time

One of Greece’s 4 systemic banks meets new regulations with advanced compliance solution

All Digital Transactions Monitored For High-risk Behaviour

Eurobank, one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements. 

Eurobank has managed to meet the new regulatory requirements for European directives AML4D & 5D, to check for money laundering across real-time processes, such as digital onboarding without a significant increase in false positives.

The bank’s improvements in AML and KYC include:

  • Centralizing transaction monitoring decision making to achieve more efficient case management. 
  • Enriching transaction monitoring system parameterization for more comprehensive and focused alerting. 
  • Improving KYC processes through real-time screening and consolidation of alert distribution.
  • Making FICO Siron the automated system for monitoring suspicious activity in transactions related to correspondent banking services.
  • Deciding to use FICO Siron solutions to mitigate risk coming from bribery and corruption.

You can read more about this story in the full media release.

“Our roadmap for regulatory compliance with the FICO Siron solution meets existing regulatory requirements and will enable us to rapidly adapt to new regulations,” said Marina Skalistiri, head of compliance risk assessment planning and reporting at Eurobank Greece. “This is a first-class result of our project.”combined with the rise in adoption of remote channels by customers, dictated the need for

New Regulatory Requirements

Working with FICO and its partner Printec, Eurobank took this opportunity to establish more comprehensive KYC and AML processes as well as mitigate risks related with correspondent banking.

“Correspondent banking relationships increase money laundering and terrorist financing risks,” said Skalistiri. “The domestic bank carrying out the transaction has to rely on the foreign bank to identify the customer, determine the real owners, and monitor such transactions for risks. While the foreign bank has AML compliance systems built for its local country of operation, it may not capture all of the information and risks needed by the local regulatory system. It is easy to see how things can become very complex.”

FICO® Siron® Anti-Financial Crime Solutions can address these challenges by monitoring high-risk, unusual or suspicious activity and changes in behaviour. It also performs automated identification and monitoring of all engaged customers/counterparties in a transaction and updates their profiles accordingly. 

    For its achievements, Eurobank won a 2021 FICO® Decisions Award for regulatory compliance.

    Meeting the rapid change of regulatory requirements for preventing terrorism and other financial crimes is a challenge for all banks. Eurobank Greece built on a solid foundation by adding new capabilities to our compliance system. This is an excellent example of how banks can do more to fight financial crime.

    “Regulatory compliance is a constantly evolving and challenging area for banks,” said Marcel Le Gouais, managing editor at Credit Strategy. “This project demonstrated the power of being able to improve efficiency through centralization. It also showed the strength of pattern recognition enabled by the advanced analytics that Eurobank deployed. The judges were really impressed with the banks’ ability to optimize their AML process.”

    Eurobank Detects Money Laundering In Real-time

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