Does your correspondent banking relationships really matter?

Correspondent banking business is considered by experts to be a high-risk business.

In 2020, the 5th EU Anti Money Laundering Directive will come into force, which entails increased auditing and monitoring obligations for financial institutions.

Correspondent accounts in particular can play a key role in international money laundering and tax evasion. Against this background, the supervisory authorities have gradually tightened the money laundering regulations.

Anticipate the Future

A very good reason to automate risk calculation and to simplify the CBDDQ management

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You have to be able to anticipate future events so that you can avoid major mistakes and make sure things stay out of court. Regulations are coming faster than the normal bank could keep up.

A completely predictable and highly precise product or service can help you achieve that by making things happen for you as automatically as possible.

But products and services like that – the ones that run like clockwork – only come from suppliers who spell everything out and leave nothing to chance.

That combination will help you achieve a zero failure rate and make sure no one throws a wrench into your future.

We believe you’ll see Finocon Correspondence Banking Management and Finocon can be all that for you. But you should be free to make that decision for yourself.

We assist our clients in the banking industry to reduce risk exposure and have a more precise risk rating with their correspondence banks. We do this by offering automated risk rating services and a digital managed CBDDQ form.

  • Anticipating future events
  • Minimizing your exposure
  • Inoculcating yourself from risk
  • Avoiding major mistakes
  • Keeping from getting down and dirty
  • Making sure things stay out of court

Digital CBDDQ

Finocon provides the latest version of the worldwide standardized Wolfsberg CBDDQ in digital form. IT enables you to share your own CBDDQ and also assists you in gathering all CBDDQs from your correspondent banks. All entered data can be stored centrally and evaluated in real time. The stored data is the basis for a holistic risk management.

CBDDQ Instant Risk evaluation

Based on the CBDDQ several risk factors are considered and your individual risk assessment is being calculated. The risk-oriented approach supports you in deciding to what extent documentation and a new KYC review process has to be initiated

Alert Trigger

With the Finocon Alert Trigger you receive immediate notification of changes in risks or new information.

Efficient KYC Reviews

An audit-proof documentation enables your organization to stay compliance with the documentation and due diligence requirements according to regulatory requirements in an efficient way. All information and assessments are documented in an audit-proof format and enable you to track your decisions without any gaps.

Holistic Risk Management

Finocon enables you to create your own risk model with self-defined risk factors and to monitor all correspondents in a risk-oriented manner. Extend your non-financial risk analysis by considering all relevant risk factors from the standardized Wolfsberg CBDDQ and the corresponding country risks. A “Self-Assessment” of your own profile helps you to adjust your risk levels and the factor weights.

Profitability view

Use Finocon to manage your correspondent banking relationships in a profit-oriented manner. Integrate all sources of income to obtain a holistic picture of your correspondent banking relationship, such as income from payment transactions.

You benefits

Digitize and automate your correspondent banking management!

Learn how Finocon can help your bank to increase the precision of risk evaluation and have more done with less work.

  • Zero failure rate
  • Reduce your dependence on other people
  • Free of people-dependence
  • No hidden hand grenades
  • Make sure no one throws a wrench into your future
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