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CRM, Compliance and Business Rules in Finance

These are the topics covered by Innovations at the E.B.I.F.

11/14/2006 -

Special treatment required: Politically exposed persons (PEPs)

Software support for the prevention of money laundering, corruption and bribery – obligations of banks and insurance companies

Immenstaad, 14. November 2006: The enactment of the 3rd EU Anti-Money Laundering Directive into national law requires that financial services providers pay specific attention to politically exposed persons (PEPs) as from 2007. According to the current sanction lists the number has increased to over 230,000. As a result a manual comparison with one’s own customer database is virtually impossible. Technical support is provided by software that matches names automatically, such as the software already developed by Innovations Softwaretechnologie GmbH, Immenstaad/Germany, in connection with the prevention of money laundering. It has been successfully tested in practice at such renowned banks as LGT Bank in Liechtenstein, Bank Vontobel or Swiss Life Insurance...

MiFID: The countdown has started

The financial sector is confronted with its greatest challenge for a number of years – investor protection is emphasized – the required market transparency and efficiency is strengthening competition

Immenstaad, 14. November 2006: In exactly one year German credit institutions and securities firms will have to comply with MiFID. MiFID is the abbreviation for the "Markets in Financial Instruments Directive" EU Directive and is regarded as the fundamental law applying to the European financial markets. Under it securities services for investors become subject to the expanded European legislation. The new regulations require a higher investment to be made by financial service providers in the areas of adapting business processes, organization and technology. "Responsibility for the management of MiFID projects would be in good hands with the compliance department", recommends Achim Berger, managing director of Innovations Softwaretechnologie GmbH, Immenstaad/Germany, specialists in front-end applications and compliance solutions...

Transaction monitoring: Responsibilities of financial service providers

By now financial service providers must identify persons representing a risk and politically exposed persons and check transactions before executing them. It is no longer possible to manually compare customer and transaction data against sanction lists. There is a software solution that offers both...

CRM: Active customer orientation ensures sustained added value

Immenstaad, 14. November 2006: 96 percent of decision makers at banks regard active customer orientation and an increase in customer service as the most sensible approaches to better tap the potential of their customers. Through focused communication with the customer and individually prepared offers the German credit institutions want to score points over the competition by providing clearly more competence in servicing the customer, that is the result of the latest "Branchenkompass for credit institutions" issued by Steria Mummert Consulting. An integrated view of customers through IT supported CRM systems as presented by Innovations Softwaretechnologie GmbH, Immenstaad at the 2006 European Banking und Insurance Fair (E.B.I.F.) is essential for this...