Download (FATF) The Financial Action Task Force - APEC-Asia

Company Background
•
•
•
•
Best known as “TESS” or “TESS
International” in short.
Founded in 2000 with 16 Years of
Inspiration & Innovation.
MSC (Multimedia Super Corridor)
Status since 2001.
Slogan:
“By
Bankers,
For
Bankers”
(R&D Capabilities with Right
Domain Knowledge)
Product Development
• Development of Product
Blueprint started in 2009
Anti Money Laundering /
Counter Terrorism Financing
Solution (AML/CTF)
• Approach Malaysia Digital
Economy Malaysia (MDEC)
and obtained R&D Grant in
2010
• 100% using Malaysia
resources
• Target market : All Financial
Institutions (FIs) and Fintech
companies
AML/CTF Solution
GLOBAL MANDATORY PRACTICE
Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is an independent intergovernmental body (consists of 36 countries) that develops and
promotes policies to protect the global financial system against money
laundering, terrorist financing and the financing of proliferation of
weapons of mass destruction.
The FATF Recommendations are recognised as the global anti-money
laundering (AML) and counter-terrorist financing (CFT) standard.
Some key recommendations for all Financial Institutions for AML/CFT
Compliance
•
•
•
•
•
•
•
Know Your Customer “KYC”
Customer Due Diligence – Risk Profiling
Customer and Business Relationship Monitoring
Source of Funds
Monitor and detect unusual suspicious transaction patterns
Report Suspicious Transaction Activity to Financial Investigation Unit (FIU)
Freeze Suspicious accounts
Financial Action Task Force on Money Laundering (FATF)
Asia Pacific countries largely are Non Compliant to FATF 40+9 and
Core recommendations
Failure to Compliant
NO BUSINESS
FINES
SANCTION
Recent
Fines
Fines On
AML Reached The Historic High
Source: Celent
Recent
Fines
Fines On
AML Reached The Historic High
Financial Institution
(international)
J.P.Morgan
HSBC
Commerzbank
Standard Charter
RBS
Fine
Financial Institution (local)
AMMB Holdings Bhd
(AmBank Group)
Fine
RM53.7
million
18 banks
RM63.72
million
$ 2.4 million
$ 1.9 Billion
$ 1.45 Billion
$ 667 million
$ 500 million
Source: Celent
High Risk and Non-Cooperative Countries 2016
CORAL iSEM Features
CORAL iSEM Features
CORAL iSEM Features
CORAL iSEM Features
CORAL iSEM Features
CORAL iSEM Features
Our Strategy & Business Model
Product Strategy
• Developed for all segment of
Financial Institutions – Bank,
Insurance, Investment Bank etc.
• Fast Implementation
• Cheaper to own
• Complete Financial Crime Solution
Complete End to End Solution
Business Model
• Software as a Product
(Product, License & Maintenance)
• Software as a Service
(SaaS)
Current Customer
• R&D
• Customer
Customers
Customers in Thailand (SaaS Model)
Future
Plan
5 years
plan
• R&D
• Customer
Our Key Needs - 1
To Expand our Market
• Other Asia Countries
• Taiwan
• China
• Hong Kong
• South Korea
• Japan
• Middle East Countries
• Eastern Europe Countries
• Britain and US
Our Key Needs - 2
Partnership with Technology
Partners Worldwide
• To further enhance our product
with latest technology
• Eg. Our technology collaboration
with NVDIA