Thomson Reuters Accelus Screening TransWatch software suite helps financial services companies protect themselves against financial crime. It takes a rules-driven, risk-based approach to the challenges presented by money laundering, fraud, internal fraud, the financing of terrorism and market abuse. Screening TransWatch is an intelligent, integrated solution to these often overlapping areas, allowing you to focus efforts where most required.
Screening TransWatch provides you with the ability to detect potentially suspicious activity, inspect the resulting exceptions and, in so doing, protect your assets and reputation.
It offers a single point of consolidation for all investigations throughout the organisation. Cases detected by Screening TransWatch monitoring rules can be combined with manual reports, list checking from external sources (e.g. OFAC, HM Treasury) and internal lists. This gives a “cockpit” summary of all cases under investigation with full audit trail of their processing.
The extensive, yet flexible data model is designed to minimize integration costs, whilst maintaining adaptability. More than 100 pre-built parameter-driven detection rules are provided as standard – these are wide-ranging and flexible; built around likely financial crime typologies, designed to meet current and future legislative requirements.
Highly evolved investigation workflow that manages each exception in an intuitive environment that is integrated with the customer’s standard Office applications. A reporting tool is included for easy creation of management information reports on all data and activities.
Screening TransWatch is in use globally by a broad spectrum of financial services companies at over 66 locations in 25 countries. The solution has a proven successful track record, is quick to deploy and simple to manage.
The Screening Transwatch suite provides the underlying core technologies for each of our solutions. Core capabilities include:
Screening Transwatch’s KYC provides a powerful, consistent and flexible solution to track the collection and validation of required identity documents. From first customer contact through to account opening, Screening Transwatch’s KYC is a “non-disruptive” mid-office KYC process that leaves front office staff to handle customer contact, collect customer information and identity documentation and own the customer relationship.
Screening Transwatch’s KYC solution is based upon the automation of the workflow process for categorising, collecting, evaluating and validating customer identity documents.
This centralised approach offers a number of benefits over a more typical front-office based collection and validation of customer identity documents. It helps ensure consistency by ensuring trained compliance experts perform the identity validation. Less training is required for Front Office staff, who can focus more of their time on building profitable customer relationships. Central electronic storage of identity documents is likely to present less of a risk to the financial institution. The solution can be tailored to meet the specific requirements of the financial institution as well as legislative and regulatory requirements. A pre-defined data interface is provided to control how customer data is passed to and from front office systems to Screening Transwatch. This interface is easily tailored to meet specific requirements. Screening Transwatch’s KYC provides a powerful, consistent and flexible solution to track the collection and validation of required identity documents. From first customer contact through to account opening, Screening Transwatch’s KYC is a “non-disruptive” mid-office KYC process that leaves front office staff to handle customer contact, collect customer information and identity documentation and own the customer relationship.
Loader seamlessly and efficiently integrates Screening Transwatch with the typically diverse IT systems within a financial services organisation, to ensure high performance, resilience, flexibility and ease of maintenance.
Screening Transwatch operates on the basis of regular data feeds. The data is extracted from existing IT systems, transformed as required and loaded into the Screening Transwatch database. This provides a consolidated view of the customer, their account holdings and their transactional behaviour, in a single location.
There are several benefits to this approach:
Screening Transwatch’s Profiler measures how each customer and account behaves and how they may be expected to behave, via a series of statistical summaries. These are based upon past behaviour, predicted behaviour, peer groups or risk profiles. These profiles subsequently form the basis of certain detection algorithms and provide insight into the customer.
A customer or account that is behaving differently – either to past patterns, to predicted patterns or to their peers - is often of interest and worthy of deeper investigation. Using breakpoint analysis, Profiler does just this, factoring in multiple risk profiles at multiple levels.
All of these profile measures are designed to be easily managed, applied and assimilated. Each profile is calculated or applied automatically as a stage in the overall load-profile-analyse process.
Analyser is the engine at the heart of Screening Transwatch. It performs sophisticated transaction monitoring to highlight potentially suspicious activities. Analyser delivers high quality exceptions for high-risk behaviour, whilst minimising false positive rates.
Analyser uses a number of refined detection techniques to identify and alert behaviour that is likely to represent elevated risk.
More than 80 pre-defined detection scenarios are provided as standard, all of which can be quickly and simply tailored and parameterised to meet specific requirements. The detection scenarios can adapt to changing patterns, typologies and regulatory requirements. Thomson Reuters actively update the available detection scenarios as new financial crime typologies emerge or as regulatory requirements change. These libraries are made available retrospectively to existing customers. New rules can be added if the customer licences the optional Screening Transwatch Toolkit.
Past monitoring results can be used to modify future monitoring behaviour in a “self-learning” process. If a customer is repeatedly breaching given rules at a low level this may be used to elevate their risk score.
Analyser is designed to provide manageable high performance – it is highly scalable, to provide the same high level of protection regardless of the size of the financial services organisation.
Screening Transwatch is supplied with Detection Designer, a graphical component that provides the ability to define, test and manage the detection scenarios.
Investigator ensures that alerts are raised, routed and managed in a consistent and timely manner. This entire case management process is workflow-driven, secure and audited. All customer, account and transaction data is available instantly to provide context to each and every exception.
Investigator provides a sophisticated, intelligent environment to manage the exceptions triggered by the detection scenarios and also those raised by branch or front office staff. All the necessary supporting information upon which to base a decision is instantly available.
Sophisticated queue management is provided as standard. This includes management of individual work queues, group queues, service level management and full “Query By Example” capabilities. Cases can be efficiently routed, referred, tracked, prioritized, reviewed and organised. In-built notification is provided as standard, so that you are alerted to all cases, even if you are not logged to in Screening Transwatch.
Screening Transwatch can clearly show relationship networks between customers – e.g. family members, business associates, intermediaries and other informal links. Where relevant, information is presented visually, to assist in its assimilation, for example account graphs. The complete history of all past exceptions is always on hand. All of this is presented in a simple to use notebook metaphor that encourages instant drill-down.
Audi Trail – each action undertaken as part of each investigation is automatically fully and securely audited. There is a comprehensive encrypted user access model that ensures full accountability and no unauthorised access to the data contained within the system.
List Manager allows you to efficiently control, manage and update your watch lists including: internal “Hot lists”, regulatory and third party. These lists group together logical data items to be monitored or to be used as the subject for detection rules, enabling the rules to be completely dynamic. These lists also serve to reduce false positives by containing “white list” information.
Financial crime is a highly dynamic area. Events occur and risks change on a daily basis. Most financial services companies have a plethora of lists to manage and monitor as part of their financial crime strategy. These range from the typical lists of sanctioned entities and PEPs, through watched accounts to high risk regions/countries and currencies.
Screening Transwatch’s List Manager provides the ability to react dynamically to events, risks and threats. “Hot Lists” can be easily managed and instantly deployed.
List Manager provides a powerful tool for managing the contents of the Hot Lists, by enabling appropriately-authorised individuals to administer the lists – editing list entries, filtering/sorting entries, printing and importing/exporting contents via Microsoft Excel.
A range of pre-built Hot Lists are supplied as standard:
These loaders are able to identify new or changed records and monitor accordingly, not only checking new customers against the full contents of all relevant lists, but also retrospectively checking all customers against any new or changed list entries.
Hot Lists are configurable by appropriately authorized users. Bank-specific lists can be added as required.
Reporter is Screening Transwatch’s management information module. It provides a series of pre-built reports as well as the ability to create new reports using a point-and-click interface. All information and knowledge contained within the Screening Transwatch database can be surfaced and presented for MIS purposes.
A comprehensive series of reports are provided as standard. In addition, custom reports can be defined by the bank, using Reporter’s graphical report definition tool. This is a point and click interface covering table selection, table joining, field selection, selection criteria, sorting, grouping, field labelling/ordering, data manipulation etc. Any report can be made available only to an individual or may be shared by all.
Reporter supports output as List, Cross-Tab and Pivot reports. All reports and graphs can be printed and exported to Excel. Report definitions can be imported and exported via XML.
Administrator is Screening Transwatch’s system configuration and management component. Because so much of Screening Transwatch is customisable, Administrator provides a comprehensive interface to control a variety of aspects of the solution. Whilst it will obviously be most heavily used when initially configuring and deploying the solution, it will also be used for day to day running of your Screening Transwatch solution, to change configuration behaviour, to monitor performance and to manage ongoing changes.
Among others, the following aspects of the Screening Transwatch suite are managed via Administrator:
Administrator is typically only used by only a select few individuals within the Financial Crime and IT departments within the financial institution.