Automation in Banking – Compliance
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 a significant rise in phishing attacks and malicious software like ransomware, the banking sector must continuously invest in securing its solutions and ensuring rapid response times. In 2022 alone, the CSIRT KNF team identified and reported 17,200 fraudulent domains* aimed at stealing personal data and/or money. Additionally, the number of scams involving cybercriminals impersonating banks or their employees is growing alarmingly. According to PwC's survey, The Resilience Revolution is Here*,* 87% of respondents plan to invest in cybersecurity solutions, while 43% believe their organization will fall victim to a ransomware attack.
However, these are not the only threats banks face, nor the only challenges they must address. Compliance with legal regulations, combating money laundering, countering terrorism financing, and adhering to sanctions are additional challenges for modern banking. These issues have led to the creation of internal AML (Anti-Money Laundering), KYC (Know Your Client), and sanctions teams within banks. As part of customer assessment, KYC processes consist of three key stages:
CIP (Customer Identification Program): Initial customer identification based on personal data, PESEL (Polish personal ID number), or NIP (tax ID).
– CDD (Client Due Diligence) – polegający na uzyskaniu dokumentów i informacji koniecznych do zbudowania profilu ryzyka i podjęciu odpowiednich decyzji
– monitoringu AML
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.
