The fight against terrorism and criminal activities such as money laundering is increasingly intensified worldwide. Swiss financial institutions are legally bound to check periodically their customer relations against the official sanction lists (e.g. Bush and seco lists). This task is performed by Helvetia insurances in a safe and efficient process by applying Prospero's solution p.SECCO Namechecking.
The name checking procedure is performed in different operational modes by Helvetia. In the single Namechecking the authorized users check names online at any time. In the batch Namechecking all new and changed customers are checked daily and the full customer file is checked each month against the latest versions of the sanction lists. Helvetia gets the new list versions from Prospero every two weeks. In the daily work of the compliance, the users benefit from maximized hit rates and minimized false alerts and from a wide range of functionalities for the hit analysis, handling and documentation. All procedures are logged and may be revised at any time.
What the customer says:
• Frank Kilchenmann, assistant director office for Anti Money Laundering "The competent support by Prospero was a key factor for the fast and successful implementation of the solution."
• Martin Müller, managing director group compliance "p.SECCO Namechecking has all necessary functionalities and features for the efficient monitoring of customer relations."
Namechecking benchmark winner
In a broad international benchmark test to evaluate the best namechecking solution, Prospero has achieved significantly the best results, this means the best detection rates and at he same time the lowest number of false alerts. The detection rate was 99%, the false alerts only 0.3%.
About Helvetia Patria
A leading Swiss All-Branch Insurance Group with core competences in the risk management (life and non-life policies, reinsurance) as well as in provisions with subsidiaries and branch offices in central and south Europe. Helvetia Patria has more than 2 millions customer and some 4.700 employees.
Prospero (prospero.ch) was founded in 1999. The core business are solutions for the data exploration. The base module is the RadarX® , a unique solution that finds the relevant knowledge in complex information (data, text, images) in an automated process. Customers from different business segments benefit from Prospero’s business solutions, i.e the financial services industry (solutions for anti money laundering, fraud detection, customer behaviour modeling, credit rating etc.) or the life science (solutions for diagnostic classification, drug research, lab automation).
Prospero supports you for example in the implementation of the 3rd Anti-Money Laundering Act, which has to be realized until end of 2007 in the EU-countries.
Some clients: AO Foundation, Creditreform, CZSG, Helvetia Patria, Liechtensteinische Landesbank, VBS, Winterthur and Zurich Financial Services.