OneSumX: KYC

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Overview

Wolters Kluwer provides a suite of Financial Crime Control Products. From our flagship OneSumX: AML-CTR for large bank to down market focused OneSumX: CDD (customer due diligence). The suite of products is integrated via single platfrom for interoperability, while providing template based solutions for all aspects of KYC.

OneSumX CDD is a secure, web-based suite of services that financial institutions use to comply with Bank Secrecy Act requirements and USA PATRIOT Act (KYC/CIP) regulations, when onboarding new customers.

•This suite of services supports financial institution’s need to verify identity and risk rate individuals or business entities prior to actual opening of an account.

•OneSumX CDD is available for offering via the following methods:

ü Cross-sell from ComplianceOne Lending, Deposit, Mortgage, or ARTA Lending customers.

ü As a standalone solution through the OneSumX FCC Solution Suite.

An investigative/case management platform that allows financial organizations to review customer information, transactions and account activity from many different core systems and use this research and analysis to form a clear picture of suspected fraud

• OneSumX: ECM Fraud Consists of two modules:

oTransactional Fraud - helps identify suspicious customer transactions and activities like wire transfers, ACH transactions and fraudulent checks automatically flagging these transactions for investigation

oInternal Fraud - prevents employee fraud by monitoring enterprise-wide activity in real time against rules preset by the financial organization

Key Features

OneSumX: CDD

•Prevents warnings or fines during examination or audit for inconsistent processes or use of error-prone manual worksheets.

•Reduces risk management issues due to lack of proactive customer screening.

•Removes confusion about KYC/CIP requirements and best practices.

•Formalizes understanding as to how best to risk rate customers.

•Prevents inability to identify Politically Exposed Persons (PEP) and/or other types of high risk customers.

•Provides comprehensive OFAC screening at the time of customer onboarding.

•Meeting financial compliance requirements from a single source solution

OneSumX: AML- CTR

•Reduces risk due to under-reporting of cash activity

•Removes uncertainty whether all reportable activity is being detected and logged

•Prevents fines due to late and/or overlooked CTRs

•Solves issues due to luck of understanding how to report activity from non-customers

•Reduces manual, error-prone processes

•Prevents criticism from regulators to improve CTR logging and filing process

OneSumX: AML - ECM

•Facilitates data-intensive and time-consuming investigations requiring investigators to review customer information, transactions and account activity from many different core systems

•Supports cases for multiple types of fraud and unlawful activity requiring investigation, e.g. payments fraud, checking fraud and employee fraud

•Allows management full visibility into investigations

•Ad hoc reporting reduces reliance on IT for data integration and modeling

•Prevents late and/or overlooked Suspicious Activity Reports (SARs)

Key Benefits

OneSumX: AML - CDD

Available (optional) services (customer must choose at least one):

CDD: Assigns a risk rating via question-based templates

ID Verification: Verifies entities/individuals against public records

Beneficial Ownership: Collects data on business entities and associated individuals to meet FinCEN CDD Final Ruling

Authentication: Lists questions only the ID owner could answer

Qualifile: ID’s risky applicants with poor banking history for FIS customers

Deluxe Detect: ID’s risky applicants with poor banking history for Deluxe customers

OFAC: Checks against Office of Foreign Assets Control sanctions lists

Dow Jones: Negative News watch list that checks for Politically Exposed Persons (PEP), and parties known for financial crime or terrorist financing

FinCEN 314a list: Check against FinCEN’s list of subjects under investigation for suspected engagement in money laundering, etc.

HIFCA/HIDTA: Automatically identifies High Intensity Financial Crime and High Intensity Drug Trafficking locations by ZIP Code

OneSumX: AML-CTR

•Accurate cash activity reporting due to advanced aggregation logic to detect and log all reportable activity

•Automation of CTR and DOEP e-Filing

•Dedicated workflows with capability for supervisor approval, QA review, random audit, etc.

•Allows for monetary instrument logging capabilities

OneSumX: AML - ECM

•Data integration - data can be pulled into a unified data model from disparate core systems

•Centralization - support for multiple investigation types and templates, such as payments fraud, checking fraud and employee fraud. Centralizing all investigations in this manner allows for better management oversight

•Workflow - fully configurable workflow to support an institution's organizational structure, policies, procedures and processes; automated actions, such as email notifications and prompting users to enter information or executing tasks

•Suspicious Activity Reporting (SAR) - for activity the financial institution decides to report to FinCEN

•Reporting - user-friendly reporting wizard and dashboard builder allowing non-technical end-users to create powerful reports