LLB Group goes for complete Compliance Suite

The Compliance Suite will be utilized by 650 users at the Liechtensteinische Landesbank and the Bank Linth. The banks will also employ ex ante checks, examining the transaction before the payment is processed.

The three banks of the group, the LLB AG and the LLB (Schweiz) AG as well as the Bank Linth LLB AG will use the Compliance Suite companywide once their Avaloq version is upgraded to 2.7. The Compliance Suite offers applications for anti-money laundering, customer due diligence, name matching and embargo monitoring as well as for the prevention of insider trading, market abuse and fraud.

Each transaction is examined to be sure that none exceed any regulatory limits. Incoming transactions are covered by an ex ante check, which ensures that the bank does not process any questionable payments. Electronic workflows ensure a speedy examination of the transactions. The workflow can include examination by a customer consultant, members of the compliance department and, if necessary, top management.

The analysis of the transactions as well as the clarification of hits take place within the Compliance Suite. The result is then transfered to Avaloq and the transaction is completed there.

"Not only do the Compliance Suite and Avaloq work together seemlessly, but the ability to do ex ante checks was the deciding factor for choosing Bosch Software Innovations. The LLB Group has very high regulatory standards and doesn´t want questionable payments to be processed", explains Klaus Weithaler, a leader in the implementation of the new compliance software at LLB.