Our process management module enProcess allows you to control and manage vital internal procedures from start to finish. enProcess is the first of it's kind for the financial services sector - providing rules-based tracking for all milestone stages of processes - both system and user-definable processes, forms and linked documents.

The problem: Take Compliance Risk as an example; Financial institutions are particularly vulnerable to the risks of money laundering due to the range of customer relationships they manage and the array of products, services and transaction types they offer. Weakness in policies and procedures, regulatory and internal audit compliance functions and poor information systems compound the exposure to money laundering risk.

How enProcess can assist: enProcess can be used to manage your key internal processes to ensure all necessary compliance procedures are being followed by staff members. Activities such as client take-on, source of fund vetting, payment distributions as well as repeating activities such as annual reviews can be managed with complete control and accuracy. enProcess makes use of enVisual's powerful task scheduling system ensuring that all due process tasks are managed and anomalies acted upon. enProcess can produce all internal / external documentation required for a given process, and maintains a complete audit trail for including process start and end dates, all data entered / question responses and links to related documentation.

enProcess incorporates a simple to use yet flexible screen designer, a robust rules processor and a simple to use forms generator. The result is an integrated management tool that can be used to model most business processes and manage their progress within your service business. Processes can be tracked by client as well as staff member(s), with automatic alerts available for due / overdue processes. The shear ease of use must be seen to be believed.

An example of enProcess in action: Take a key process such as client take-on. enProcess can take care of all necessary steps within the Know Your Client (KYC) due diligence process - including the production of all initial documentation, background checks, alerts to relevant personnel, ensuring that all required steps are completed in the correct order. enProcess manages all of the required pre-incorporation processes including communicating with relevant external parties - as well producing all necessary incorporation documents. As a final step, due to it's tight integration with our trust / company administration suite, enVisual, all new entity details are automatically passed from enProcess into enVisual's central CRM database. Benefits: All key details including companies, trusts, officers, shareholders, settler etc. and their relationships are captured and vetted during the compliance processes and stored once within enVisual.

But why stop there? enProcess can be used to control and manage just about any internal process you want to throw at it. At last a powerful workflow tool that you can customize. Click here for a brochure (requires Acrobat 4 or above).

• Scalable, wizard-driven process management tool enabling the control and tracking of virtually any business process
• Rules based design ensuring all required steps in a process are followed - ideal for compliance purposes
• User definable data fields - which can be accessible from enVisual's CRM module
• Automatic production of process supporting documentation and reports
• Integrated LiveScan Professional - Sanction / Watch list scanning for identity validation and OFAC compliance.
• Graphical user interface
• Linkage with enVisual's task scheduler - providing simple tracking of all process tasks by staff member
• Integration with enSynergy's document manager, LiveFile for easy access to process related documents and files
• Optional integration with leading external compliance databases to assist in processes such as background checks
• Can be supplied as a web-based solution
• Thin client/server architecture - scalable for large enterprise deployment.

One of Northern Ireland's largest banks has been fined £1.25m for failure to make proper checks on its customers. The fine was imposed on the Northern Bank by the Financial Services Authority, under rules designed to prevent money laundering.

The Northern Bank admitted on Thursday that it had failed to keep proper records of details which customers opening new accounts are required to provide.

The bank said in a statement that it accepted the FSA's findings and had now addressed the problem.

Regulations which call for customers to give two forms of identification - photographic identification and proof of address, such as a utility bill - were breached.

The Financial Services Authority said the size of the fine demonstrated the importance it attaches to minimizing risk of regulated firms being used for purposes connected to financial crime.

'Weaknesses'

FSA managing director Carol Sergeant said the Northern Bank's steps to verify customers' identities were "inadequate".

"Northern Bank had previously identified weaknesses in their customer identification procedures but allowed them to persist," she said.

"The size of the fine in this case reflects the prevalence of the breaches, Northern Bank's share of the market it operates in and its failure to take prompt and effective remedial action after it had originally identified its own failings."

Don Price, Northern Bank Chief Executive, said the FSA had noted that no money laundering had happened.

"We have since been working cooperatively with the regulator to ensure that our record keeping is now fully compliant," he said.

Northern Bank is the largest retail bank in Northern Ireland.

The FSA is an independent non-governmental body which regulates the UK financial services industry.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/northern_ireland/3131897.stm

Published: 2003/11/07 10:40:43 GMT

© BBC MMIII