• SMARAGD Compliance Suite

SMARAGD Compliance Suite

SMARAGD makes compliance smart – a forward-looking solution for banks, insurance companies and other organisations for complying with regulatory requirements, combating financial crime and preventing money laundering
SMARAGD Compliance Suite

Integrated approach

The SMARAGD Compliance Suite offers a comprehensive range of services tailored to the needs of the financial industry. It enables financial institutions to manage all aspects of compliance and regulation within a single, integrated system.

Future-orientated technology

With more than 40 years of experience in the financial industry, SMARAGD integrates the latest technologies and methods to effectively detect and prevent money laundering and fraud.

All the time ensuring compliance with sanctions.

On the safe side

With the SMARAGD Compliance Suite, financial institutions cover every area of Anti-Financial Crime (AFC) – so you are always on the safe side.

Functional scope of the SMARAGD Compliance Suite

Transaction screening

The SMARAGD Compliance Suite checks transactions (including instant payments) in real time for sanctions violations while accessing internal and external sanctions and embargo lists.

The central component of the screening is the SMARAGD FuzzySearch, an in-house developed similarity search that calculates the degree of similarity between the relevant transaction data and list entries.

A flexibly configurable set of rules specifies the type of inspection and controls the associated evaluation.

Customer screening

Financial institutions are obliged to regularly check their customers against relevant sanctions and embargo lists. The SMARAGD Compliance Suite screens the institutes's customer portfolio based on the in-house developed SMARAGD FuzzySearch and a flexibly configurable set of rules.

The additional Webcheck and Webfilecheck modules can also be used to carry out online queries of individual records or files, allowing suspicious individuals or companies to be identified during onboarding processes.

Politically exposed persons

Politically exposed persons (PEPs) are subject to increased due diligence. The PEP module identifies exposed persons and can be used for company-wide risk assessments of customer portfolios. This is made possible by the integration of lists such as Dow Jones, WorldCheck and others. 

Negative media screening works in the same way. The focus here is on the reputation of the persons to be screened.

Combating money laundering

A rule-based evaluation daily identifies suspicious transactions, behavioural patterns and customer relationships. A best practice set of rules is based on many years of cooperation with national and international banks and can be matched to specific situations. An integrated simulation system tests the effectiveness of rule and parameter modifications and the expected number of cases.

An optional goAML component reports on suspicious activity, uploading the reports to the FIU portal.

Correspondent bank monitoring

Foreign transactions are particularly susceptible to money laundering and terrorist financing. Increased due diligence obligations therefore apply to correspondent banking relationships.

The SMARAGD Compliance Suite provides risk-based monitoring of the correspondent banks involved. All parties involved in a foreign transaction (e.g. banks, clients and recipients) are identified and their risk assessed. A flexible set of rules ensures daily evaluation of all transactions and early detection of suspicious behaviour.

Financial fraud

Identifying suspicious behaviour plays a major role in combating financial fraud. The large amounts of data involved generally means fraud can be identified only by using intelligent software. The software searches business data for fraud patterns and reports significant deviations from known behaviour.

Risk analysis

The German Money Laundering Act obliges financial institutions to prepare a risk analysis. The SMARAGD Compliance Suite enables an institution-specific risk model that determines the risks of money laundering, fraud and terrorist financing, taking various risk dimensions into account. The application structures the existing compliance risks in the company according to a tried-and-tested model. This allows prompt identification of risks and the initiation of appropriate measures.

Customer risk assessment

The SMARAGD Compliance Suite supports the risk-based management of the entire customer risk lifecycle – from accepting new customers to monitoring existing customers. Risks for each customer are determined individually and assigned a risk class. 

The customer risk rating is based on all factors identified as part of the risk analysis, such as geographical location, sector affiliation and creditworthiness.

Do you have any questions? Contact us.