Eurobank moves to comply with new money laundering rules with FICO

From: RegTech Analyst

In response to the EU’s new money laundering regulations, Greek Eurobank has expanded its partnership with FICO to comply with the law.

The EU’s 6AMLD (Sixth Money Laundering Directive) came into force on December 31, 2020.

However, having collaborated with FICO for some time, Eurobank is confident that its broadening use of FICO’s compliance solutions to cover all stages of the customer journey, across various channels.

The bank now performs real-time anti-money laundering (AML) and know your customer checks, with automation resulting in substantial efficiency improvements.

“Our roadmap for regulatory compliance with the FICO Siron solution meets existing regulatory requirements and will enable us to rapidly adapt to new regulations,” said Marina Skalistiri, head of compliance risk assessment planning and reporting at Eurobank Greece. “This is a first-class result of our project.”

“Correspondent banking relationships increase money laundering and terrorist financing risks,” said Skalistiri. “The domestic bank carrying out the transaction has to rely on the foreign bank to identify the customer, determine the real owners, and monitor such transactions for risks.

“While the foreign bank has AML compliance systems built for its local country of operation, it may not capture all of the information and risks needed by the local regulatory system. It is easy to see how things can become very complex.”

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