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PRODUCT - Functions

Risk and Compliance

OLYMPIC Banking System supports management of all prospect-/customer-related information, including a wide range of functions focusing on risk and compliance requirements.

Functions available include:

  • Contact management
  • Customer risk profiling – MiFID profiling
  • Anti-Money-Laundering (KYC-KYT-KYP)
  • Document administration and follow-up
  • Black-list management
  • Sensitive data management
  • MiFID

The system facilitates Customer Risk Profiling through bank-definable questionnaires and the allocation of related scores. The score will enable the bank to allocate products or investment strategies to the customer.

OLYMPIC Banking System also supports management of key documents in prospect/client management. Mandatory and user-definable documents can be attached to each stage of the client on-boarding process and different departments of the bank can be defined in the workflow. Mandatory documents can also be associated with specific transaction/product types (e.g. Options Disclosure Document).

OLYMPIC Banking System is also fully compliant with Markets in Financial Instrument Directive (MiFID) and supports banks with specific functions covering the aspects of Appropriateness and Suitability, Client Classification, Product Classification, Order Handling as well as Best Execution.

Investment restrictions can be configured in the system enabling the bank to conform to regulatory constraints as well as respecting internal investment regulations or client requirements. Each investment restriction in OLYMPIC Banking System is governed by a rule attached to the client directly or indirectly through a grouped set of rules. Rules are easily customizable and can be quantitative or qualitative.

OLYMPIC Banking System gives financial institutions better control of clients and transactions in relation to the fight against money laundering and fraud, via the following three aspects:

  • Know Your Customer (KYC) - identify the end owners who are implicated in trade relations, measure compliance risk in client relations by determining a compliance status as well as establish a provisional forecast of clients' activities by determining a compliance profile in order to detect any possible behavioral anomalies when compared to actual activity. The KYC functions also allow the integration of data external to OLYMPIC Banking System (blacklists) , whether it originates from other internal bank sources or external information bodies.
  • Know Your Transactions (KYT) - spot potentially risky transactions and unusual behaviour so as to carry out the analysis that is essential for the Compliance Officer to make an informed decision.
  • Know Your Processes (KYP) - used to manage and handle cases where money laundering and fraud are suspected based on the bank's internal procedures and regulatory requirements.

Risk and Compliance - OLYMPIC Banking System