Using Allevo transactions filtering solution, Raiffeisen Bank Romania reduces exposure to terrorism financing activities for domestic payments
Allevo and Raiffeisen Bank Romania have successfully developed
and implemented the first Romanian software solution for real-time,
online transactions filtering on the local market dedicated to
banks with large transaction volumes.
The solution screens the local payments instruments that present
a certain degree of risk, offering the possibility to analyze them
and to take the required decision of authorizing or rejecting the
payment before the actual funds' transfer.
Allevo solution helps Raiffeisen Bank Romania eliminate the risk
of financing terrorist activities and, at the same time, meet the
regulatory requirements of both local and international legislation
related to this sensitive compliance aspect.
The solution ensures transactions filtering for low value
domestic transactions on qPayIntegrator,
using various lists (official sanctions lists and bank's internal
lists) that can be easily customized and managed by the bank and
provides the compliance teams with an efficient way to analyze
suspicious messages and take faster decisions. The screening
feature is fully integrated in the payments' business flows,
providing a rich set of specific statistics and reports.
"Using the transaction filtering extension of qPayIntegrator
and teaming with Allevo professionals enabled us to ensure an
efficient filtering technology to eliminate the risk of terrorism
financing for domestic low value payments, and consequently to
provide increased protection of the funds transfer" states Mr.
Ionel Fierascu, Compliance Director in Raiffeisen Bank Romania.
"The powerful anti-terrorism financing features have
facilitated the timely alignment of the bank's operations to the
market regulations and fulfilled the bank's business needs, leading
further on to its clients' business protection" says Sorin
Guiman, CEO Allevo.