Compliance Automation
Automation is a broad topic with applications across various industries, from complete automation of sales and post-sales processes to HR functions. In banking, however, it can go beyond credit card limit increase requests or customer onboarding.
Due to the growing number of phishing attacks and malicious software, such as ransomware, the banking sector must continuously invest in security. Ensuring a rapid response to threats is also crucial. In 2022 alone, the CSIRT KNF team identified and reported 17,200 fake domains for takedown*. These were aimed at stealing personal data or money. The number of scams in which cybercriminals impersonate bank websites or employees is also rising at an alarming rate. According to PwC’s report “The Resilience Revolution is Here,”** 87% of respondents plan to invest in cybersecurity solutions, and 43% believe their organization will fall victim to a ransomware attack.
But these are not the only threats banks are exposed to, nor the only challenges they must face. Modern banking also deals with legal and regulatory challenges. These include combating money laundering, financing of terrorism, and compliance with sanctions. That’s why internal teams are being formed within banks for AML (Anti-Money Laundering), KYC (Know Your Client), and sanctions compliance. As part of the customer assessment process, KYC performs three key steps:
CIP (Customer Identification Program): Initial customer identification based on personal data, PESEL (Polish personal ID number), or NIP (tax ID).
– CDD (Client Due Diligence) – involves obtaining the documents and information necessary to build a risk profile and make appropriate decisions.
– monitoringu AML
IT tools for Compliance departments
Given the volume of data being processed, AML/KYC and sanctions teams greatly benefit from appropriate IT tools that replace traditional workflows based on emails and paper documentation. These systems support case management, serving as unified tools for recording inquiries and issuing compliance opinions. Intuitive forms guide users through the process steps, ensuring proper selection of processing paths and reducing response times. Systems integrated with existing banking platforms ensure data availability and consistency. As a result, KYC, AML, and sanctions teams have easy access to customer data, simplifying their work and accelerating decision-making processes.
Assigning attributes through the platform to quickly assess the status of an entity, full-text search within identification data and analysis content, quality control of entered data (e.g., preventing duplicate entries), and reporting that integrates with BI tools for data analysis (e.g., Tableau) are just a few benefits of such systems. Importing entity-related data from other repositories further enhances their functionality. Automation in the compliance area enables employees to work seamlessly, starting from registering financial security events, monitoring transactions of entities under the scrutiny of institutions like GIIF (General Inspector of Financial Information), KNF (Polish Financial Supervision Authority), the Prosecutor's Office, or the Police. These systems support task management within teams, the creation of new workflows, preparation of materials upon request from investigative services, conducting audits, and reporting to supervisory authorities.
Discover a comprehensive tool for compliance departments.
iApplications is a system for handling requests, which allows replacing the traditional way of working, based on e-mails and paper documentation, with a unified tool for recording inquiries and issuing opinions in the Compliance area. Intuitive forms guide the user through the steps of the process, facilitating both the proper selection of the processing path and reducing response time.
