BPN fights fraud

31 October 2008

Anticipating changes in the anti-money laundering legal and regulatory framework, Banco Português de Negócios (BPN) realised the need to promptly find a solution that would monitor and alert employees about suspicious behaviours and transactions made by its clients.

BPN needed an intelligent system that could analyse customer and transaction data, start and carry out automated workflow processes, and provide confidence. The solution needed to integrate with entrenched systems and practices, and the learning curve had to be quick.

BPN was one of the first in the country to adopt an evolutionary anti-money laundering platform. Based on K2 software, the solution is intelligent – it learns client behaviours, compares them to past behaviours, sends an alert regarding suspicious activity and redirects the alert to someone else if it isn’t answered in a timely manner. It automatically makes decisions based on historical data, and it routes tasks appropriately.

BPN’s solution provides immediate access to data that was difficult and time-consuming to obtain in the past, and it allows custom reports to be created based on that information.

The K2-based solution ensures compliance with new banking legislation, regulated by Banco de Portugal (Portuguese Central Bank). An added benefit of the K2-based solution is the increased confidence, sense of security and loyalty the anti-money laundering solution instils in BPN customers – having a system in place to prevent money laundering is perceived well by clients. Customer loyalty and confidence are boosted as a result of this solution, and that’s good news for BPN, which considers the service bond with the customer its greatest asset.

The K2-based solution was chosen not only because it met all the project’s requirements, but also because it integrated quickly with BPN’s existing systems and required little training.

The system is responsible for the monitoring of all financial operations made by all BPN clients. It efficiently delivers information about suspicious operations and transactions to all the users and branches of the institution – more than 1,000 BPN employees.

The solution is fully integrated with the bank’s other systems, and K2 has been adopted as the core platform for all future workflow developments in the bank.

This article first appeared in the 2008 edition of the Finance on Windows Partner Guide.