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Passcon Your Anti-Financial-Crime (AFC) One Stop Shop
What makes us unique
Our Expertise for you
Choose from over 120 consultants worldwide
Business Transformation Consultant
Our Business Transformation Consultants support you in building your customer relationships not only in new, but also in a sustainable way and according to your needs, depending on your company’s environment, so that you keep up with and not behind the times.
Thanks to our agile structures, they work entirely digital, innovative and globally available, independent of time and place.
Subject Matter Expertise
Attention to Detail
The digitalization has had a great effect on the services and production processes of many institutions. While the external processes have undergone a digital transformation the internal processes as Human Resources (HR) still show a paper-based and bureaucratic process in many organizations.
In this paper, we want to highlight the necessity and advantages of an HR digital transformation on the example of the global passcon Group.
Passcon’s top 10 tips about how to turn your TM Organization into a production environment and prepare it for the future
The press is currently full of news about Transaction Monitoring related to high fines from regulators. From our experience, many banks have created interim solutions instead of focusing on sustainable TM organizations. These interim solutions have shown the following negative side effects:
(1) They are very costly due to ad hoc solutions and subsequent adjustments (2) They are not 100% suitable and do not fully meet the organizational needs (3) Since the interim solutions are often not perfectly suitable, high fines still occur and damage the bank’s image
Our Recommendation: Focus on building a suitable, long-lasting TM as it is of the same importance for banks as focusing on a sustainable KYC organization. These two parts are strongly interconnected and together avoid high fines and reputation losses.
Many (financial) Institutions are currently facing the decision of whether to in-or outsource their KYC process.
The reason for that is, that their KYC departments often show a lack of trained staff and at the same time cause higher costs due to many freelancer deployments.
Although time is limited and regulatory requirements are increasing only, for many of them, outsourcing is not an option as they want their KYC department to stay within the company.
Hence, the institutions have no time for hiring, training and establishment of suitable KYC teams the situation remains unchanged.
passcon’s BOT (build, operate, transfer) Model.
In times where regulations are constantly changing and cost focus is all around, KYC is for many banks of pivotal importance and extremely challenging!
Inadequate controls of money flows and resulting high fines from local regulatory authorities force financial institutions to act.
Banks across the globe spend huge amounts for optimization of their current KYC process and many software firms promise a digital and automated KYC process.
But how does it look like on a day to day basis? We know it from our daily work in passcon’s KYC Factory.