02 — Capability · BC-1770
Financial Crime
Keep criminals and sanctioned parties out of the firm and stop its products from being used to launder money, finance terrorism or defraud customers, by knowing customers, watching activity, screening names and payments and reporting suspicion to the authorities. Conduct of the firm's own staff and cyber attacks on its systems are owned elsewhere.
- FinCrime
- Financial Crime Compliance
- AML and CTF Program
- Anti-Money Laundering
In scope
- Customer due diligence, including KYC, EDD and beneficial ownership
- Transaction monitoring and financial crime investigations
- Sanctions and politically exposed person screening
- Fraud detection and prevention, and suspicious activity reporting
Out of scope
- The general compliance program and obligations register (see BC-140)
- Employee conduct, ethics and whistleblowing (see BC-140.30)
- Detecting and responding to cyber attacks (see BC-760.30)
- Physical security investigations (see BC-840.50)
Realized by · 0
- No product in the catalog yet.
Used in · 15
- Apply-to-Account · 01 Apply & Identify via BC-1770.10
- Apply-to-Account · 02 Verify & Screen via BC-1770.10
- Apply-to-Account · 05 Activate & Welcome via BC-1770.10
- Application-to-Funding · 01 Apply via BC-1770.10
- Application-to-Funding · 02 Assess & Decide via BC-1770.40
- Payment-to-Settlement · 02 Screen & Authorize via BC-1770.30
- Quote-to-Bind · 02 Underwrite & Price via BC-1770.30
- First-Notice-to-Settlement · 03 Settle & Pay via BC-1770.30
- Alert-to-Disposition · 01 Detect via BC-1770.20
- Alert-to-Disposition · 02 Triage via BC-1770.20
- Alert-to-Disposition · 03 Investigate via BC-1770.20
- Alert-to-Disposition · 04 Decide & Act via BC-1770.20
- Alert-to-Disposition · 05 Report via BC-1770.50
- Alert-to-Disposition · 06 Tune Controls via BC-1770.20
- Advice-to-Portfolio · 01 Onboard & Profile via BC-1770.10
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 5
- BC-1770.10Customer Due DiligenceKnow who every customer is, who ultimately owns and controls it and how risky the relationship is, before it begins and for as long as it lasts, and exit relationships the firm cannot accept. Account opening itself is deposits and accounts.
- BC-1770.20Transaction MonitoringDetect activity that may be money laundering or terrorist financing across all products and channels, and investigate each alert to a documented decision. Filing reports with the authorities is financial intelligence reporting.
- BC-1770.30Sanctions & Name ScreeningMake sure the firm never deals with sanctioned people, entities or countries, by screening customers and payments against current lists and stopping a true match before money moves. The general register of trade and sanctions obligations sits with compliance.
- BC-1770.40Fraud Detection & PreventionStop fraud against customers and the firm before money leaves, by scoring transactions, logins and applications in real time and acting on what is found, investigating confirmed fraud, deciding scam reimbursement and recording fraud losses. The rule-bound claim process of intake, provisional credit, chargebacks and recalls sits with payment disputes.
- BC-1770.50Financial Intelligence ReportingTell the financial intelligence authorities about suspected crime and large cash activity accurately and on time, answer their requests, and keep each filing confidential. The investigation that reaches the decision is transaction monitoring.