Hinckley & Rugby Building Society live with iFinancial AML solution
Hinckley & Rugby Building Society live with new AML tech
Hinckley & Rugby Building Society has gone live on the AMLtrac anti-money laundering (AML) software solution from long-standing UK-based supplier, iFinancial, reports Martin Whybrow.
The building society is using the software as part of its KYC and on-boarding procedures as well as to monitor and track movements across customer accounts to ensure that they are performing in accordance with expectations.
The building society has seven branches, each of which has access to the ad-hoc name check enquiry within AMLtrac that enables them to verify PEP, SOE, sanctions and other relevant information concerning prospective customers against the Dow Jones database.
KYC information held against each customer is re-verified every time the lists change, with exceptions being written to the Alert Management System case tool for action and resolution.
AMLtrac has been integrated into Hinckley & Rugby’s Summit back office system, which is widely used by UK building societies and now resides with Sopra Steria/Sopra Banking Software. Customer information and account movements data is exchanged on a regular basis.
