With every business relationship engaged, there is a larger hidden network of coincidences in the background that may have a negative impact on the business. Our Banning Policies product gives an opportunity to gather this kind of risk-sensitive data and use it in the process of restricting access and activities by parties found from the problematic lists.
The solution allows you to enter and keep wide lists of data that restrict using the related systems by persons who respond with the enclosed data. It helps, in particular, comply with requirements related to money laundering and terrorist financing, but also allows to integrated and keep lists of data necessary to reduce the risk – like fraudsters, insolvency, and incapability registers.
It is possible to automate the list entries with respective integrations, but the data can also be added or corrected manually in a quick and easy way. As the solution is detachable, it will not obstruct the main or related systems and also enables easy management of access permissions and control.
The advantage of the application consists of keeping all banned data from various sources with the same structure with one checking and access point.
Transparent and Auditable
All data are saved with reference to the source and creation time. Also, all changes made in the system in terms of data, rules, and conditions used are saved, versioned, and visible to users.
There are several data providers and databases that hold different kinds of lists for similar reasons - to support and ensure compliance and KYC activities for financial institutions and other companies. Several of these kinds of services are already integrated with our Banning Policies application and, provided you have an agreement with the provider to access them, can be taken into use instantly. If the needed provider is not yet integrated, we are happy to negotiate regarding desired development.
Related to Other Applications
Banning Policies is a supportive application that complements the main solution - Banking, and is integrated with it by default, but it can be used also separately as it works successfully on its own. The solution is covered with JSON API and can easily be integrated with other external systems.