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Compass Anti Money Laundering (AML) is a comprehensive AML solution that offers banks and other financial institutions a single platform to perform a host of activities including Risk Profiling, List Screening, Know Your Customer, Enhanced Customer Due Diligence, Transaction Monitoring, Reporting and Data De-duplication and Enrichment as per local and global regulatory AML guidelines. The solution helps detect and manage criminal economic activity and promote integrity and stability to financial institutions.
Features
- Agnostic of source system
- Watchlist screening
- Watchlist maintenance
- Data De-duplication
- Extensive and Diverse Rules Library
- Rule configuration
- Rule simulation
- Rules Wizard (Customized Rules Builder)
- Suspicious transaction / activity regulatory reporting
- Pattern and anomaly detection based on historical data
- Role specific Dashboards
- Real-time monitoring
- Link Tracer
- 360 customer view
- Robotic Process Automation
- AI driven Alert Optimization (False Positive Management)
- Auto comments
- Customizable User Access management
- Comprehensive risk assessment
- CDD/EDD functionality
- Evidence management
- Geo tagging
- Social media / Adverse media Integration
- Integrated FIU and LEA communication
- Multiple MIS reports
- Legacy migration for continued compliance
- Raise a suspicion
- Single window workflow with detailed case management workflow
- Agnostic of sanctions list
- Dashboards and master modules
- User guide
- User notes
- Chatbot
- Compass learner’s module
- Image screening
- Purging module
- Manual override of CBWTR
- Reporting user mapping
Compass CCR tracks, manages and reports forged or counterfeit currency notes or bank notes that have been passed on as authentic, during cash transactions. A central system to manage detected and impounded currencies, across branches and report to anti counterfeit currency task forces and law enforcement agencies.
Features
- Supports multiple currencies, denominations
- Easy referencing of currency design specifications
- Evidence management
- Consolidated reporting formats to different agencies – Regulators / LEA
- Customizable workflow
- Soiled currencies tracking
CRS requires financial institutions to provide information of tax residents of other countries to the respective local tax authority, annually, for further automatic exchange of information. Compass CRS manages the complexity of compliance through an automated solution that helps to identify and report CRS reportable accounts and thus helps control cross-border tax evasion.
Features
- Seamless integration with source systems
- In-built indicia to identify CRS reportable persons
- In-built list of CRS countries
- Easy to configure local reporting formats
- Configurable Due diligence requirements
- Workflow for CRS reporting
- Auto-population of data for reporting
- Tracking notification sent to account holders
- Local Compliance-specific requirements
- CRS Relevant rules library
- CRS related MIS reports
- 360 view of CRS customers
Countering terrorism financing is indispensable in the global fight against terror threat. Compass CFT from Quantum Data Engines provides analytical intelligence on organized financial crime. The system provides a library of rules specifically designed for identifying terrorist financing typologies in collaboration with Analysis International.
Features
- Agnostic of source system
- Integrated FIU and LEA communication
- In-built CFT specific rules
- Detailed workflow
- Multiple MIS reports
- Suspicious transaction / activity regulatory reporting
- Link Tracer
- 360 customer view
- Robotic Process Automation
- Alert Optimization
- Customizable User Access management
- Geo tagging
- Social media/ Adverse media Integration
Compass-Customer On-boarding from Quantum Data Engines is a comprehensive, customizable on-boarding solution with an elaborate framework for collecting and capturing customer information and verifying the customer’s identity. It provides a streamlined and efficient onboarding process while meeting regulatory guidelines.
Features
- Customizable Multi-Lingual forms
- Product specific forms
- Screening against watchlists
- Identity verification Credit Bureau checks
- De-duplication
- Periodic KYC updation triggers
- Consolidated capturing of customer information
- Integrated Make-Checker Module
Compass Data Remediation System (DRS) can add and standardize data as needed. Data remediation is responsible for refining the quality of the financial institution’s data and provides access to detailed customer overview. This system provides an intelligent assimilation tool that remedies data disconnects and keeps the customers information up to date.
Features
- Web-based interface for data cleansing
- Consistent and accurate master data
- Digitizing and reducing management of paper forms
- Entity Data Enrichment
- Data Adequacy – Missing data reporting
- Integrated Maker-Checker module
FATCA requires Banks and Foreign financial Institutions to reveal account information of persons connected to the U.S. Compass FATCA manages the complexity of compliance through an automated solution that identifies FATCA reportable accounts, triggers withholding, and helps control cross-border tax evasion.
Features
- Seamless integration with source systems
- In-built US indicia to identify US persons
- Threshold based identification of FATCA reportable accounts
- Compatible with Model 1 and Model 2 IGA requirements
- Workflow for FATCA reporting
- Tracking recalcitrant accounts
- Auto-population of data according to IDES specification
- Encryption and Decryption of FATCA package
- In-built forms for Tax declaration
- Ready to trigger withholding
- FATCA Relevant rules library
- FATCA related MIS reports
- 360 view of FATCA customers
KYC is the process of verifying the identity of the customer to ensure they are who they claim to be. Compass Know Your Customer helps to keep a tab on the data and changes therein. It minimizes the risk that the bank faces as well as safeguards the financial assets of other customers.
Features
- Customer-onboarding
- Customer Master and Entity Enrichment
- Name screening – Levenshtein and Jaro-winkler / False Positive Management
- Real time and batch processing / Two-way Screening
- Customer Profiling and Risk categorization
- Customer Due Diligence / Enhanced Due Diligence – Real-time risk mitigation and upgradation of legacy data
- Missing fields template / Missing fields report / Score of importance of information (optional/mandatory)
- Most active account
- Screening Workflow Management
- Compliant with KYC regulatory requirements
- Raise a Suspicion
- Link Tracer
- Periodic review and updation of customer data – Re-KYC
- Identity Verification
Regulatory Reporting plays a vital role in the nation’s fight against Money Laundering and Terrorist Financing. Compass Last Mile Reporting (LMR) from Quantum Data Engines simplifies the process of reporting with an integrated solution that offers a single point repository for generating and processing regulatory reports. It also provides for creating multiple user-defined reports.
Features
- Agnostic of core systems
- Accurate collection of Data
- Minimize manual intervention
- Easy workflow for report processing
- Maker-Checker Functionality
- Local and Global reporting format readiness
- Single platform for all regulatory and compliance report generation
- Seamless integration with electronic filing systems (where applicable)
- Refiling report
- Easily configurable MIS report
- Automated report generation and dissemination
Financial analysis of persons in a position of authority is of critical importance to ensure that there is no misapplication of funds. Compass RPT from Quantum Data Engines helps to identify pivotal/key persons and their related parties in an organization, track their financial transactions and report these as per regulations.
Features
- Identification of Related Parties
- Related party list creation.
- Distinct form for Institutional and Non-Institutional Related parties
- Comprehensive form capturing detailed profile of the Related party
- Precise relationship flagging of the Related party
- Maker-checker functionality
- Single screen view of multiple lists.
- Multiple financial/non-financial reports creation
- Regulatory RPT report generation
- Multi-level hierarchy with comprehensive workflow
- Related party transaction tracking
- Consolidated view of related party transactions
Banks encounter large volumes of SWIFT messages and can be benefitted by the use of a robust system to manage the SWIFT messages efficiently. Compass SWIFT Transaction Monitoring system is a SWIFT message processing platform which provides seamless straight through processing while also providing an exception handling workflow. The system interprets, validates, verifies and processes international financial transactions in near real time.
Features
- Agnostic of Source, Sanctions List
- Capable of handling Incoming as well as outgoing message flow
- Push and Pull Message
- Easily configurable channel settings
- In-built message scheduler
- Validation and Verification of messages as per SWIFT standard
- Customizable transaction monitoring rules
- SWIFT Sanctions screening
- Detailed workflow for monitoring and Screening
- Integrated email initiation with customizable triggers
- Modular structure – Enable and disable different features of the system
- Customizable routing rules
- Evidence management
- Multiple in-built MIS reports
- Multi-currency handling
- Message transformations between messaging formats
- Ready system for ISO20022-XML format
Compass Trade Based Money Laundering system enables Banks and other Trade Financing institutions to offset their Trade financing risk. The TBML solution considers various aspects of trade finance to include Screening and monitoring of transaction to flag the movement of illicit funds – domestic and international.
Features
- Trade Based Due Diligence
- Sanctions list screening – Port / Vessel / Parties
- TAT workflow management
- Dual used goods flagging
- Digitalization of trade documents
- Inbuilt TBML rules library
- Reporting – Local and Global System
- Dynamic Trade based risk categorization
- Reporting with Robotic Process Automation
Identifying outliers and anomalous behavioral patterns is essential for a robust transaction monitoring system. Transaction Monitoring Engine from Quantum Data Engines helps to monitor and identify unusual transactions, analyze these transactions and report to the regulatory authorities. Compass TM provides an extensive rules library for identifying money laundering and terrorist financing typologies.
Features
- Agnostic of source system
- Extensive and diverse Rules Library
- Rule configuration
- Rule simulation
- Combining Individual rule (Cascading rules)
- Rules Wizard (Customized Rules Builder)
- Detailed workflow
- Suspicious transaction / activity regulatory reporting
- Integrated FIU and LEA communication
- Link Tracer
- 360 customer view
- Robotic Process Automation
- Alert Optimization (False Positive Management)
- Customizable User Access management
- Multiple MIS reports
- Geo tagging
- Social media/ Adverse media Integration
- Seamless communication with message screening
