Mortgage Finance Gazette
As part of its AML procedures, Hinckley & Rugby Building Society has now gone live on iFinancial’s modular AMLtrac Anti-Money Laundering Software Solution.
The building society is using the software as part of its KYC (Know Your Customer) and on-boarding procedures as well as to monitor and track movements across customer accounts.
All of the society’s seven branches have access to the ad-hoc name check enquiry within AMLtrac. This enables them to verify prospective customers to check for politically exposed persons (PEP), state owned entities (SOE), sanctions and other relevant information against the Dow Jones database.
KYC information held against each customer is re-verified every time the lists change with exceptions being written to the Alert Management System case tool for action and resolution.
AMLtrac has been integrated into the society’s Summit back office system and data is exchanged both in terms of customer information and account movements on a regular basis.
