Meeting the separate AML compliance requirements of multiple countries can be a nightmare, not only because of differences in rules but differences in data sources. To meet this challenge, global fintech 4finance, based in the Baltics, turned to FICO, and their results earned them a FICO Decisions Award for regulatory compliance. Here's what they did.
Meeting the EU ML DirectivesBeing under the regulation of the EU, 4finance had to comply with the 4th EU ML directive as well as the upcoming 5th EU ML directive. Speed was an issue because the risk of non-compliance was high and their reputation had to be secured.
Complying with the EU’s ML directive means:
- Identifying politically exposed persons (PEP)
- Preventing sanction persons and entities from doing business with 4finance
- Detecting loan applications and businesses related to money laundering
- Detecting any kind of unusual behavior
How FICO TONBELLER HelpedDue to the short timeline for compliance, 4finance decided to use an in-the-cloud implementation of the FICO TONBELLER Siron solution, leveraging Amazon Web Services (AWS).
We defined a project plan to support every phase of the project with senior staff members. These included:
- A project manager to align with 4Finance on the milestones, achievements and also the escalation process.
- A technical consultant to work on data interfaces during onboarding – how to integrate Siron®KYC into the existing application process. For transaction monitoring with Siron®KYC, we also defined a data mapping to 4finance's 20 data systems.
Reacting to New ThreatsToday 4finance is capable of using the solution without our support. If new money laundering risks show up, 4finance's team can quickly refine detection scenarios and define new ones. From my point of view, that’s a great success story.
I am proud to be giving a presentation on that at our FICO World 2018 conference in April, together with 4finance. Join us!
Our Siron customers are also invited to listen to 4finance during our annual Siron® User Group Conference in Berlin on March 15-16.