At its core, Anti-Money Laundry (AML) is an enterprise solution that facilitates the critical task of suspicious activity monitoring using a risk-based approach. The solution applies advanced analytics and scenarios against an institution’s transactional data to identify suspicious behavior. Once identified, the investigative function provides a seamless workflow that increases effectiveness and efficiency. This service is provided as part of OFSAA and Moody's.
The calculation capital requirement is a bank regulation, which sets a framework on how banks and depository institutions must handle their capital. The categorization of assets and capital is highly standardized so that it can be risk-weighted. Internationally, the BASEL Committee on Banking Supervision housed at The Bank for International Settlements influence each country's banking capital requirements, a general provision is created when a company is aware that a loss may have occurred but is not sure of the exact nature of that loss. Under pre-IFRS accounting standards, general provisions were commonly created to provide for losses that were expected in the future. As these did not represent incurred losses, regulators tended to allow them to be counted as capital.
IFRS (International Financial Reporting Standards) is a set of accounting standards developed by an independent, non-profit organization called the International Accounting Standards Board (IASB). The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. Similar to BASEL standards, the compliance to and implementation of IFRS standards is a highly specialized task that requires an expert understanding of the underlying accounting principles coupled with a solid IT technicality and a robust software solution that is specifically designed for such requirements. egabiFSI offers a range of IFRS9 compliance solutions and consulting services to banks, giving financial organizations the possibility to select the optimum solution that best fits the needs and offers optimum cost/benefit, while leveraging existing infrastructure and investments already made.
The BASEL standard provides organizations with the guidelines to identify, measure and control risks. Implementing the BASEL III compliance solutions requires a unique combination of advanced banking industry expertise and technical proficiency related to data collection, extraction, validation, and transformation. Partnering with world-recognized leading solution vendors, egabiFSI offers BASEL II compliance solutions implementation services following best practices and guaranteeing tangible results in the shortest possible duration.
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