The Hinckley & Rugby Building Society has gone live on iFinancial’s AMLtrac anti-money laundering (AML) software solution.
The society is using the software as part of its Know Your customer (KYC) and on-boarding procedures as well as to monitor and track movements across customer accounts to ensure that they are performing in accordance with expectations.
The building society has seven branches and each of the branches has access to the ad hoc name check enquiry within AMLtrac that enables them to verify PEP, SOE, sanctions and other relevant information concerning prospective customers 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.