Customer profile
IPF is a leading international home credit and digital provider of simple, personalized financial solutions, specializing in small sum, unsecured consumer loans and lines of credit. IPF’s multi-brand, product and channel offering aims to cater for a wide variety of customer needs and market requirements.
Business need
Lack of a centralized AML system caused many problems with data and case management during specific steps in the AML process. The main business need was to monitor growing transaction volumes across numerous markets in such a way as to mitigate potential risks. IPF needed to replace its legacy spreadsheet-based system with an automated AML solution capable of efficiently detecting and successfully preventing AML risks.
Solution
IPF chose to implement SAS Anti-Money Laundering. This powerful, easily customizable solution was delivered jointly by SAS and Consortix. It was necessary to customize thresholds for rules in individual markets in order to remain compliant with different regulations in specific markets. Among key SAS software solution features which proved decisive for selecting this platform, are the following:
- Flexibility - open box environment for end-user authoring and modification of scenarios
- Multitenant architecture - a single installation of the software serves multiple subsidiaries or jurisdictions by segregating the data
- Intuitive, user-friendly, web-based interface for analyzing alerts giving investigators a holistic view of work items
- Availability to business users through the user interface of scenario management functionality, threshold tuning, ability to add and test new ones.
The implementation proved complex and time-consuming due to unexpected data preparation challenges. Once datasets were ready for export and rules were customized, IPF’s fight against money laundering gained desired momentum.
Benefits
Many AML risks have been mitigated and alerts centralized. There is one tool for transaction and customer behavior monitoring. False positives have been significantly reduced and IPF gained better understanding of their customers’ behavior. AML Analysts benefit from an easy-to-use, intuitive platform and Data Analysts from a unified data ecosystem. IPF is well prepared to remain in synch with the ever changing regulatory environments in its various markets of operation.
