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Written by / Agency / Source: Divas Offshore Software Technologies (P) Ltd

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Divas Software Launches Enterprise Wide Compliance & Risk Management Solution - Divas Software has launched Enterprise Wide Compliance & Risk Management (EWC&RM) application that takes care of the compliance function for Banks, Insurers and Financial Services firms - DivasSoftware.com
Divas Software Launches Enterprise Wide Compliance & Risk Management Solution

 

NewswireToday - /newswire/ - Gurgaon, Haryana, India, 2007/08/21 - Divas Software has launched Enterprise Wide Compliance & Risk Management (EWC&RM) application that takes care of the compliance function for Banks, Insurers and Financial Services firms - DivasSoftware.com.

   
 
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The application comprehensively automates Know Your Customer, Anti-Money Laundering and Combating Financing of Terrorism (KYC-AML-CFT) guidelines based processes for a financial institution. It is capable of updating itself automatically using various watch/sanction lists compiled by global and local governmental bodies including OFAC, UN and others.

Divas Software’s EW&CRM compliance product (divassoftware.com) has been architected, designed and developed based on FATF 40+9 recommendations. Central to its design is the regulatory risk based approach and suspicious transaction monitoring under constantly changing global money laundering practices. EWC&RM’s end-user centric functionalities include:

• Name Filtering against Multiple Sanction & Watch-lists;
• Single Click Watch-Lists Scans During On-boarding of New Customers and Batch Scans of Entire Customer Database Against Updated Watch-Lists;
• Repository of Photo, ID & Address Proofs;
• Anti-Money Laundering and Anti-Terrorist Financing Transaction Detection, Case Creation & Due Diligence;
• Risk Based Customer Profiling;
• Regulatory Reporting of Suspicious and Large Cash Transactions;
• AML Training & Knowledge Updation;
• Multiple Operational Compliance Reports for the End-users, Ops Managers, Compliance Department and Administrator.

These functionalities in conjunction with host of other features of EWC&RM, allows a financial institution to create an organization-wide compliance coverage with the help of automating processes under all the four regulatory compliance areas:

A. Customer Acceptance Policy (CAP)
B. Customer Identification Procedures (CIP)
C. Monitoring of Transactions (MoT)
D. Risk Management (RM)

To achieve this, the application could either be integrated to your core solutions for online transaction monitoring or sit beside your existing applications in an offline mode for batch processing of financial transactional data.

To know more about EWC&RM and how it could be rolled out at your institution to combat dynamic scenario of money laundering and terrorist financing, please contact us.

 
 
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Written by / Agency / Source: Divas Offshore Software Technologies (P) Ltd

 
 

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Divas Software Launches Enterprise Wide Compliance & Risk Management Solution

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Publisher Contact: Abdul Aziz - DivasSoftware.com 
+91 93 12009192 abdul[.]divassoftware.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Divas Offshore Software Technologies (P) Ltd securities in any jurisdiction including any other companies listed or named in this release.

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