The fight against terrorism and criminal activities such as money laundering or terrorism financing is increasingly intensified worldwide. Swiss/Liechtenstein financial service providers are legally bound to check periodically their customer relations against the official sanction lists (e.g. Bush and seco lists). This mission-critical task is performed by Liechtensteinsiche Landsbank (LLB) in a safe and efficient way, using Prospero's benchmark winning Anti-Money-Laundering solution p.SECCO.
The Liechtensteinische Landesbank has decided to use the Anti-Money-Laundering software from Prospero in all group companies for namechecking.
Within the Liechtensteinische Landesbank the relationship managers are responsible for the single namechecking. Each relationship manager uses the web based online single namechecking module from Prospero at his desk i.e. in an account opening or change process. After the check of a name the relationship manager is also responsible for the analysis of possible hits. He investigates and comments the results of his analysis in the Anti-Money-Laundering solution p.SECCO. Any form of attachments (e.g. documents, pictures) may be added to the hits, so that the whole investigation process is documented together with the hit. Any comments may be added from different people that are involved in an investigation process. The audit safe recording of all process steps is secured by p.SECCO.
The compliance department at the Liechtensteinische Landesbank is responsible for the analysis and investigation of the hits from the batch namechecking. In the batch namechecking process the whole or part of the customer file is checked against the sanction -, PEP – and internal black lists on a regular base. The compliance department is also responsible for the whitelisting process.
At the beginning the solution was installed on Microsoft Windows® platform with MS/SQL® database. Meanwhile the solution was migrated to DB2®. In a next important step the single namechecking will be integrated completely with the front office applications from the Liechtensteinische Landesbank. “The p.SECCO software is based on a state-of-the-art software architecture. So the integration in existing environments and applications is very easy” (Mathias Fuchs, project manager, Liechtensteinische Landesbank AG).
“The Liechtensteinische Landesbank project is another convincing demonstration from the advantages of the artificial intelligence based Anti-Money-Laundering solution from Prospero AG” says Dr. Peter Abel, CEO from the consulting company ATech-Consulting.
In a broad international benchmark test to evaluate the best namechecking solution, Prospero has achieved significantly the best results, this means the best detection rates and at he same time the lowest number of false alerts. The detection rate was 99%, the false alerts only 0.3%.
About Liechtensteinische Landesbank (LLB)
The most distinguished Liechtenstein bank: The LLB company was founded on December 5, 1861, and is the first bank in the Principality of Liechtenstein. In 1993, the bank changed its legal form into a public limited company (Aktiengesellschaft). The Principality of Liechtenstein holds 60.1 percent of the bank's bearer shares. The LLB has a state guarantee on savings deposits and the bank's medium-term notes.
A universal bank with international appeal: In Liechtenstein, the LLB is active as a universal bank. The LLB is the market leader in mortgage lending and savings business and one of the leading asset management banks in the Swiss/Liechtenstein currency area. The LLB Group has business locations in Vaduz, Zurich, Basel, Geneva, Lugano, on the Cayman Islands and in Abu Dhabi (United Arab Emirates).
Prospero was founded in 1999. The core business are solutions for the data exploration. The base module is the RadarX®, a unique solution that finds the relevant knowledge in complex information (data, text, images) in an automated process. Customers from different business segments benefit from Prospero’s business solutions, i.e the financial services industry (solutions for anti money laundering, fraud detection, customer behaviour modeling, credit rating etc.) or the life science (solutions for diagnostic classification, drug research, lab automation).
Prospero supports you for example in the implementation of the 3rd Anti-Money Laundering Act, which has to be realized until end of 2007 in the EU-countries.
Some clients: AO Foundation, Creditreform, CZSG, Helvetia Patria, Liechtensteinische Landesbank, VBS, Winterthur and Zurich Financial Services.