Head of Communications
For the bank, which specializes in international projects and export financing of high volumes, the exceptional flexibility of the Bosch Software Innovations Compliance Suite was the factor that contributed most to their choice of Bosch Software Innovations' solution. Due to the flexibilty of the solution the reviewing logic and workflows can be customized to fit the special needs of the KfW IPEX-Bank.
Immenstaad (Germany), 02/25/2010 -
The KfW IPEX-Bank relies on the Bosch Software Innovations Compliance Suite to prevent money laundering, identify persons at risk and monitor embargoed countries.
"Because we specialize in international projects and export financing with customized models, our processes are multi-layered and complex. That is why we were looking for a flexible solution, one that is able to map our business perfectly. The reviewing logic and workflows were especially customized to our international business with large transactions", says the Compliance Officer at KfW IPEX-Bank.
The anti-money laundering module MLDS includes a KYC-profile (Customer Due Diligence), which plays an important role in checking and clarifying complex financings. The relationships between persons involved in the loans can be graphically mapped in the "relation browser", making it easier to identify relationships and resulting risks. Additionally, MLDS checks all transactions with suspicous scenarios that need to be clarified. The module, Name Matching Customer, compares the names of the persons involved in a transaction with current monitoring lists. Furthermore, the transaction details, like recipient and booking text, are checked against name and embargo lists.
KfW IPEX-Bank had a business volume of EUR 64 billion in 2008. Several large projects including the construction of the world's largest biogas plant in Mecklenburg-Vorpommern (Germany) and the expansion of the major airport Berlin-Brandenburg (Germany) are being financed by the KfW Bank. "The Innovations Compliance Suite gives us security - particularly with the large transactions, which are common in our business", comments the Compliance Officer at KfW IPEX-Bank.
Success Story KfW IPEX-Bank:
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