TCS BaNCS for Compliance

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TCS BaNCS for Compliance is a comprehensive web-based application that provides Banks/Financial Institutions with end-to-end AML/KYC functionality across various business lines such as – Retail Banking, Corporate Banking etc.

Business Modules of TCS BaNCS for Compliance are as follows: -

KYC and Risk Assessment: As a standalone product or as part of a KYC-as-a-Service arrangement that meets end to end KYC and Risk Assessment requirements. KYC module generates notifications for the customers with incomplete KYC data and verifies the uploaded documents/data for expiry dates.

Sanctions/Watch-list Filter: The Sanctions Filter module performs the string search functionality of financial organization’s customer details against the various sanctions lists/PEP lists provided by the regulatory bodies and other 3rd parties.

Transaction Monitoring: Through the fexible and robust rules engine, suspicious activities can be detected proactively. The solution is capable of generating behavior patterns in line with FATF and other local regulatory guidelines, monitoring statistical deviations, sifting outliers from peer transactions and analyzing links to unearth underlying criminal activities.

Reporting & Audit: Reporting components enable generation of various Regulatory, MIS and adhoc reports. Whereas, a complete audit trail will be maintained for all actions performed within the scope of the TCS BaNCS for Compliance application

In addition to TCS BaNCS for Compliance, TCS also offers a Blockchain solution for KYC - called Quartz. This is available on stand alone basis for institutions who wish to create and offer a KYC network and also available as an integrated solution along with TCS BaNCS for Compliance.

Operational Modules of TCS BaNCS for Compliance Compliance are as follows:-

Dashboard: The graphical dashboards on the TCS BaNCS for Compliance solution give holistic view of various statistical data captured and analyzed by the solution. The enterprise wide view facilitates the user to have a holistic view of trends across the business units. This functionality would provide a comprehensive view of the Customer by Risk, workflow status and KYC trend analysis across all units in a single screen. This Enterprise wide view provides an option to do comparative analysis of customers based on various parameters. The screen is available to show the data either on all business units or unit specific separately.

Case management: TCS BaNCS for Compliance’ Case Management function provides the framework for the compliance officer to investigate the case and perform in-depth due diligence. Case Management System presents all the details of a case in a single window. The case generated by the system are routed to the concerned authorities for investigation. The workflow cycle for investigation is product or country specific, and is set by the business users while configuring.

Workflow: TCS BaNCS for Compliance comes with configurable and automated workflow structure to help and manage alert/case investigation through-out its life-cycle.

Alerts and Notifications: TCS BaNCS for Compliance solution generates alerts automatically for each suspicious activity or anomalies. Solution presents all the details of a notifications/alert in a single window with explicit Alert justification and graphical analysis for the ease of investigation. The Alert justification includes all the business monitors against which the alert is generated and the transactions that led to generation of alerts. The alerts can be prioritized on the basis of various user-defined parameters. The compliance user can investigate and analyze the system generated alerts and subsequently report the same to regulators if deemed necessary.

Key Features

Global Compliant Platform - TCS BaNCS for Compliance continuously monitors and complies with the rapidly changing global / local regulations including Data privacy aspects.

Rule Driven - Employs a rule engine concept, which provides high degree of flexibility to configure any KYC Rules and Parameters.

Multi Entity Support - Option to configure multiple Lines of Business across the Enterprise in a single deployment of the application. In specific instances, the same is extended to accommodate multiple geographies as well.

Risk Based Approach - Risk based approach involving risk categorization of customer’s profile, various products and services offered by FI and the geographies they operate in.

Optimized Contribution - Resource optimization by dynamic allocation of task with load balancing support. Sharing of data with due authorization enforcements allows employee and other application to maximize use of available data.

Maximum Efficiency - Maximum efficiency delivered by providing one platform to perform end to end AML/KYC, leveraging on most advance technologies: OCR/ICR, Web Crawler, API etc.

Blockchain Ready - Quartz Blockchain solution to ensure real time dissemination of KYC information for authorized participants - eliminating duplication of information and repetition of KYC process. The Quartz solution for KYC comprises Smart Contracts for specific processes on the blockchain. The Quartz Gateway component allows easy integration of existing systems with blockchain. Quartz Command Center facilitates administering and monitoring of the entire ecosystem.

Key Benefits

Key benefits:

1. Potential Cost Saving Benefits across Operations and IT due to the reduction of operational FTE's and maintenance cost

2. Process Simplification & Optimization up to 30% to 50%

3. Straight through operations, minimal human intervention, faster processing through automation

4. One stop solution to caters all compliance requirements such as Transaction Monitoring, Watchlist/Sanction Screening, end to end KYC requirement for faster on-boarding, minimal customer outreach etc.