SafeWatch Profiling
Extend the reach of SafeWatch with Transaction Monitoring
For many years, major financial institutions have trusted SafeWatch Filtering in analysis of traffic and customer information, to prevent any relation with blacklisted entities.
Today, SIDE is introducing a transaction monitoring application: SafeWatch Profiling, the new member of the SafeWatch AML software suite.
Simple, yet Effective
SafeWatch Profiling was designed on the feedback from our customers, keeping the same principles as all SIDE products: simplicity, reliability, flexibility and extensibility. In a time where regulations are changing, to impose tougher controls on customer financial transactions, many banks are facing the difficult choice of either investing in a large-scale AML solution or being exposed to regulatory sanctions.
The concept behind SafeWatch Profiling is to help solve this dilemma by providing a solution that fulfills regulatory demands at a fraction of the cost of an unnecessarily large project.
Flexible and Open
SafeWatch Profiling is not only designed to be simple, it was designed with flexibility in mind. Therefore, it was built on the open architecture that characterizes all SIDE products: Profiling is a web-based application, based on standard databases and platforms. It can integrate perfectly with any banking application to capture the data and provide precise information.
Like all SIDE products, Profiling was designed to work out of the box, with predefined import formats, predefined business rules, and predefined reports. It is, however, perfectly possible to extend and integrate the solution with your own applications and formats; SIDE and the SIDE Business Partners will make it a seamless process.
Of course, SIDE SafeWatch Filtering customers will instantly benefit from the integration of both the filtering and transaction monitoring components, which will directly improve their KYC process.
KEY FEATURES
Detection Manager
This module is used to manage all generated detections. It allows compliance officers and compliance management to quickly review detections and assign them to either compliance officers or compliance groups. To examine the full description of a detection, click on the line; it will open the Detection Analyser. Detection Manager is also used for SafeWatch Filtering. Alerts and detections are made available and integrate in the SafeWatch workflow.
Detection Analyser
This module is at the heart of the investigation process. It is used to list all detections, and examine them in full details (detection reason, associated transactions, full transactions and account details, etc ...). Furthermore, it allows the creation of alerts that then enter the SafeWatch integrated workflow.
Scenario Manager
The simple and effective interface of the Scenario Manager module helps business users to review, modify and manage business rules that will perform basic detection on transactions, accounts or customers. SafeWatch Profiling comes with a large set of predefined rules that can be combined to create more complex scenarios. To create those scenarios technical knowledge is not needed; a scenario is built with rules that are provided as building blocks.
Examples of predefined scenarios are related in parts to Know Your Customer (customer due diligence, enhanced due diligence), transaction monitoring, account behaviour monitoring, customer behaviour monitoring, (financial) relationship monitoring and counterparty activity monitoring. The library of predefined scenarios and rules will be updated on an ongoing basis to make sure that you get optimal results from SafeWatch Profiling.
Additionally, it is possible to generate test results from scenarios being built. These results can be analyzed in a similar way as production detections, without actually interfering with the production process. A perfect way to fine-tune scenarios to avoid false-positives!
Rule Builders
Rule builders can use an unlimited number of criteria to determine groups of account and/or customers. Thanks to this, different analysis scenarios can be performed on groups behaving differently. The rules that are created require no technical knowledge and a wizard will help you create rules and test them. Newly created rules can be re-used in already existing, or new, scenarios that are available in SafeWatch Profiling.
Risk Scoring
Predefined and customer created rules can also be used to support Risk Scoring on account and customer bases. By combining a set of simple rules, a risk calculation can be made to determine the risk profile of a customer or to monitor the risk profile of a customer on an ongoing basis.
Predefined import process
A transaction monitoring solution needs to capture all information required about customers and their transactions. Importing this data into the Profiling database can be a tedious process, and SafeWatch?Profiling makes it as simple as possible, by defining template formats that require minimum information, but still can be easily extended.
Predefined detection rules
Based on our customers’ feedback, and faithful to the SIDE’s principle for applications working “out of the box”, basic business rules are built in, covering most common money laundering patterns. A robust analytical method allows to detect suspicious elements in transactions, or to investigate defined groups of customers.
Integrated with Safewatch Filtering
Customers already using the SIDE SafeWatch filtering solution will instantly benefit from the benefit of having one application suite for both filtering and profiling: common databases, common rules, and a common investigation interface will further extend the KYC and AML capabilities of the institution.
Technical Specifications
- Supported OS platforms: Windows, IBM AIX, SUN Solaris
- Databases: Microsoft SQL Server 2005, Oracle 10.2
- Web Application Servers: Apache/Tomcat, IBM WebSphere.