Diasoft: Verification of lists of suspicious countries, persons and organizations

Main article: Fraud Detection System

2022: Comprehensive Customer Review Solution Presentation

On May 12, 2022, Diasoft announced that, in partnership with Konture, a business product ecosystem, it had developed a solution that allows customers to be checked against international sanctions lists and risk control for 115-FZ for banking operations.

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In addition to the mandatory verification of customers in accordance with the requirements of the Federal Law of 07.08.2001 No. 115-FZ "On Combating the Legalization (Laundering) of Proceeds from Crime and Financing Terrorism," banks must check customers on sanctions lists. This requirement also includes a check under the "50% rule": an organization that is 50 percent or more owned by companies or individuals under sanctions is also subject to these sanctions. An additional difficulty is that such companies are not listed on the sanctions lists, and for their verification you have to look for additional information.

Receiving data from Kontur.Prisma, the software product "Verification by lists of suspicious countries, persons and organizations," developed by Diasoft specialists, conducts a comprehensive assessment of client operations in the bank's IT system. The product "Verification by lists of suspicious countries, persons and organizations" is part of the Digital Q.Risk & Compliance development platform.

The joint solution of Diasoft and Kontroka provides a comprehensive assessment of customers and control of operations under the anti-washing law, verification of legal entities and individuals according to the sanctions lists of 30 countries and international organizations, as well as mass monitoring of black lists, which allows you to identify risks when opening accounts and control changes throughout the period of customer service. A flexibly configurable validation model allows a comprehensive assessment of the customer's risk level. You can configure more than 70 criteria for validation based on internal organization rules.

The decision will help check customers not only according to well-known sanctions lists, but also according to the "50% rule": the number of companies falling under this rule is significantly more than the organizations on the primary lists.

"A joint solution with Loop is created in a microservice architecture on an up-to-date technological stack, which allows you to easily integrate it into any IT landscape. Comprehensive verification of customers in accordance with AML/FT legislation and international sanctions lists will immediately, in 24/7 mode, receive complete and reliable information necessary for prompt decision-making, "- says Andrey Simakov, head of Diasoft's Risks and Compliance product.

The solution will save financial institutions the cost of developing their own solutions and obtaining hard-to-access data. Automating customer verification processes directly in the IT system will reduce manual labor and errors resulting from the human factor, speed up the processing time of large amounts of data, and analyze compliance risks.

"Using heterogeneous sources makes it difficult to find customer data and assess their service risk. You have to spend time rechecking information and setting up data manually. The development of Diasoft and Contour allows you to solve the problem comprehensively. The solution helps to quickly process large data streams, thus freeing up time for specialists to solve other problems. Automation not only improves the quality of work, but also reduces financial and reputational risks to the business due to errors and irrelevant data, " says Svetlana Kirlanova, head of Kontur.Prism.