GEB COR is the AML SIOPEIA GEB´s solution for monitoring correspondent banking relationships risk transactions to comply with KYC´s tracking and with the Regulation of Law 10/2010.
The GEB COR solution is customized according to the entity’s risk policy and risk management of entities and/or geographical areas and correspondent banks.
The main characteristics of the detection engine include:
- Identification of beneficiaries and/or common agents using SDN Check.
- Fractioning analysis on Entities and People.
- Risk-oriented detection engine.
Once the detection processes is completed, alerts are activated on BICs and intervening parties. The module automatically includes them in files associated with each BIC and runs transactions screening. The GEB COR module optimizes the management teamwork including an alert prioritizing process to avoid operations investigation overlapping.
The main characteristics of the GEB COR files management include:
- Investigation of each alert.
- Alerts monitoring support.
- Making annotations option.
- Cases closing after the monitoring process.
- File closing including specific conclusions for each BIC.
- Due Diligence follow-up of each BIC based on the final management results. BIC file.
- Grouping and prioritizing alerts for management optimization and impact minimization.
- Access to BICs and operations related information. Presentation of all available information.
- Presentation of all the information related to suspicious activity detected in the monitoring process.
Process Efficiency in only 5 steps:
- Loading: The GEB COR solution receives data from BICs, correspondent Banks and correspondent banks international operations. Data is relevant both from parties known at the origin of the transaction (payer) and at destination (beneficiary), as well as from correspondent banks involved in the funds flowing.
- Patterns: Banks profiling is carried out (risk level configuration based on each bank criteria), operations profiling (behavior patterns based on operational process and finally people relationships monitoring through the SDN Check algorithm.
- Analysis: The system is based on a series of rules applied in compliance with control case definitions. This allows a risk-based approach.
- Integration: Alerts are integrated and prioritized, reducing workload of the following section, the number of initial alerts are reduced from 7% to 0.04%.
- Management: The integrated results and each BIC file are shown in this section to allow the alerts investigation, providing due diligence follow-up, correspondent banks dashboard and alerts operations management.