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A holistic approach to financial crime prevention at Alpha Bank

A holistic approach to financial crime prevention at Alpha Bank

Case Study

A Holistic Approach to Financial Crime Prevention

Money laundering and the financing of international terrorism pose a major threat for banks and insurance companies. While money launderers and terrorists introduce more and more illegal funds into the legal circulation, national and international laws and directives, such as the Third Anti-Money Laundering Directive, USA Patriot Act, Bank Secrecy Act, FATF 40+9 Recommendations, are being developed further to counteract the changing typologies and employed methods.

Alpha Bank Greece has approached these challenges and has implemented a centralized AML-(Anti-Money Laundering) system designed to protect the Group’s assets and reputation against money laundering in its subsidiaries in South East Europe: Alpha Bank Albania SHA , Alpha Bank Bulgaria, Alpha Bank AD Skopje, Alpha Bank Romania and Alpha Bank Srbija AD, through its IT Services provider, Alpha Supporting Services. After evaluating and testing different systems, Alpha Bank chose FICO TONBELLER’s flagship product suite: Siron® Compliance Solutions. The software of the system and the implementation of the project was realized by Printec Greece in cooperation with FICO TONBELLER, while the infrastructure is implemented and maintained centrally in Greece by Alpha Bank. The implemented solution included the modules: Siron® Embargo (sanction list screening), Siron® AML (Anti-Money Laundering), Siron® RAS (Risk Assessment), Siron® KYC (risk rating during customer acceptance), Siron® MCA (completeness check of SWIFT-messages) and Siron® RCC (Risk & Compliance Cockpit).