AML Screening & Ongoing Monitoring | Synectics Solutions
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Discover how we have helped solve our clients' challenges across a range of industries

Continuously understand changes to customer risk in real-time

Dispense with inefficient customer remediation monitoring programmes. With Sonar you can build effective, automated risk profiles that are continuously screened in real-time against a variety of leading edge intelligence sources - for your entire customer portfolio.

Through the use of profiling and machine learning techniques our solution will reduce the cost and radically improve the accuracy of your AML customer monitoring and boarding remediation strategy.

More effective and efficient KYC boarding and AML customer remediation

Unite your compliance streams and move away from disparate, inefficient, costly and slow processes. Sonar also enables you to radically reduce the amount of resource required to monitor your customer portfolio and improves your ability to address low, medium or high risk customers much more appropriately through tailored treatment strategies.

Improve your speed to market and approach to customer service and sales

Bring new products to market faster, without compromising on the level of regulatory compliance or financial crime risk assessments you can perform. With an accurate and up to date customer risk profile you will be able to use the intelligence within Sonar to improve customer communication methods, and support wider marketing efforts to cross sell further products more effectively.

Cost-effective customer monitoring

Currently, many businesses carry out their remediation manually – usually on an annual basis.

However, tighter regulations now call for more regular and stringent assessments of the risk levels associated with certain customers. The regulations require organisations to apply better treatment strategies for those who pose a significant threat to the business.

More regular and intelligent screening of customers could end up being costly, onerous and complicated for businesses if processes are not automated. Moreover, financial organisations who carry out irregular, manual, Know Your Customer (KYC) checks now run the risk of failing to meet regulatory requirements and cannot ensure compliance.

As part of Synectics Solutions’ risk management, financial crime and fraud prevention platform, Sonar allows organisations to automate, and more effectively manage the on-going monitoring of customer risk.

Screen against industry-leading risk data

Utilise a multitude of data sets from our data marketplace so that you have full coverage of matching against Politically Exposed Persons, Sanctions and Watchlists, Adverse Media and Ultimate Beneficial Ownership data.

Avoid fines and prosecutions for non-compliance

Obtain a full and accurate understanding of your risk exposure ensuring your remain fully compliant with your regulatory obligations, avoiding any severe financial or reputational damage.

Automate your 
KYC and KYB checks

Move away from manual remediation to an automated approach, enabling you to build complete and accurate risk profiles of your customer portfolios and remain fully compliant with your regulatory obligations.

Apply appropriate treatment strategies

Easily configure bespoke treatment strategies based on your organisation's own risk appetite and adapt them as your requirements change.

Improve experience for
low-risk customers

Significantly improve the experience for your genuine, low-risk customers by removing the friction placed on these customers during stages of remediation, where you would usually rely on their input.

Single intuitive
workflow

Combine intelligence from disparate data sources into a single workflow, allowing customer portfolios to be continually assured and removing the need to manually update outcomes in your other operational systems.

Our applications in action

Our people are helping to shape the future of what’s possible across all of the markets related to your business.
Read some of our case studies here.

Helping the Utilities Sector save over £3 million in just 3 months by cutting fraud

The UK boasts a highly efficient and successful water industry, one that leads the way in research, training and accessing new water sources. Providing essential energy, water, sanitation and drainage to all households, businesses and organisations up and down the UK, the social responsibilities of utility providers are paramount. As part of their social obligations, all providers offer social tariffs to ensure domestic customers have access to a discounted service should they be struggling financially. This significant payment reduction is a lifeline for those who genuinely need it, protecting them from entering debt and ensuring continued provision of such essential services. However, these social tariffs can be abused and many customers are mistakenly or fraudulently receiving reduced charges when they are not entitled to them. A PROBLEM FOR PUBLIC SERVICE PROVIDERS To identify the scale of this problem Synectics Solutions worked with a number of the UK’s water companies in 2019 over a period of three months. The water utility providers it worked with covered rural and inner-city areas of the UK. Each of the companies in the pilot were experiencing problems such as: Customers dishonestly obtaining discounted services Failing to declare residency to avoid paying for their service entirely Declining to update their provider when their circumstances changed Without the intelligence in place to flag these potentially fraudulent claims or errors, these companies were exposed to considerable fraud and error and millions in lost revenue. The method that these organisations were deploying previously to address this problem involved using credit reference agency (CRA) data. The annual cost of these procedures for each company was several million pounds annually, and yet the problem continued to be an issue. "One of the reasons this fraud was not being identified through these measures was because a customer’s claim for a discounted service, or a zero-rated account, cannot be accurately verified through credit reference agency matching alone.” “This process in isolation doesn’t provide the data landscape needed to find the explicit qualifying criteria to confirm a genuine claim.” A POWERFUL PARTNERSHIP IN FRAUD PREVENTION To address this problem Synectics worked with the UK Government’s Cabinet Office and took the opportunity to use the National Fraud Initiative (NFI) intelligence database to help these companies understand and identify the scope of fraud or error that they were suffering. The NFI provides an invaluable database of up-to-date insights and offers 19 different data sets against which to match. This vast solution has already helped over 1200 public sector organisations to identify over £1.7 billion in savings from fraud and error. HOW THE NFI AND SYNECTICS SOLUTIONS HELPED DELIVER A TRANSFORMATIVE APPROACH TO FRAUD DETECTION Over three months, Synectics used the NFI data to help analyse those customers who were in receipt of the following tariffs: Back on Track Tariff This scheme offers six discounted bands and is for customers who are experiencing financial difficulties Pension Discount Customers over the age of 65 may be eligible to financial support from their service provider Single Person Discount Customers who live alone and are entitled to a reduced charge Unoccupied Property Properties declared as vacant can carry no usage charge The pilot showed that 45% of the discounted and void customer accounts that were flagged for investigation by using the NFI intelligence were fraudulent. For those companies in the pilot this represented £3 million worth of fraudulent or incorrectly awarded discount claims. Along with customers unlawfully obtaining discounted tariffs, undisclosed residency also posed a significant problem for the water companies. In fact the pilot discovered that over 74% of the void accounts referred for investigation from just one company were fraudulent. The NFI intelligence, and expert data analysis provided by Synectics, highlighted that significant numbers of customers had failed to notify their water provider of a change in circumstances or provided them with false information to retain or gain their discounted service. The significant amount of fraud found confirmed that standard CRA checks, without the added layer of intelligence offered by the NFI data, could not sufficiently detect this fraudulent activity – exposing providers to potentially millions in lost revenue. ADDITIONAL BENEFITS OF THE PILOT In addition to the enormous opportunity to reduce fraud and error other opportunities also became available as part of the pilot for those companies to: Improve their customer on-boarding processes Greater staff efficiency Better customer satisfaction levels This pilot was firm evidence that utility companies need to transform their ability to address these issues by harnessing better intelligence sources to compile a much more accurate data footprint of their customers’ household composition and circumstances. 45% in the amount of fraud detected when using NFI data The ability to take advantage of the wide variety of intelligence provided by the NFI data could help all utility companies to implement a much more sophisticated and cost effective method to reduce their fraud and error cases. £3million saved in fraudulent claims for discount tariffs Synectics’ ability to build analysis and investigation software, its trusted infrastructure and the strategic relationships built with multiple intelligence providers, such the NFI, can help the utilities sector to reduce its exposure to fraudulent activity – and also help support their social responsibilities by clearly identifying customers who are genuinely entitled to a discounted tariff.

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How you can speed up your customer boarding without compromising your risk checks

Hear from one of the leading insurers who improved the speed at which they could board genuine customers without compromising on their risk checks, with our Intelligence Hub. Driving down the cost of risk, improving compliance and the customer journey. Ensuring that customer on-boarding or application and claims processing is as frictionless as possible is an essential ingredient when trying to improve risk and compliance checks. To achieve this, risk analysis solutions need to be able to integrate and communicate with a company’s wider decision systems. Applying real-time configurable business logic to data processing is one function of The Intelligence Hub (part of Synectics’ risk management, financial crime and fraud prevention platform) that is helping one of Synectics Solutions’ insurance clients to integrate its fraud prevention solution (SIRA) with its wider customer decision platforms. Outcome Orchestration is allowing the insurer to create a much more sophisticated, efficient and strategically aligned risk mitigation solution. SITUATION This major insurer first deployed Synectics Solutions’ fraud prevention and detection application (SIRA) in 2013. Since the initial deployment the company benefited from SIRA’s effectiveness and derived marked improvements in its working practices and fraud strategy in the claims space. This helped the organisation save significant amounts of revenue by preventing fraud losses. The company’s SIRA solution was configured to deliver real-time alerts to its fraud management team. These alerts were then prioritised and screened for accuracy using Precision – Synectics Solutions’ predictive analytics and data science service. Due to a growth in customers, the insurer needed to realign its fraud and risk strategies and improve its ability to meet its commercial clients’ compliance thresholds. To achieve this the insurer introduced Outcome Orchestration (part of the Intelligence Hub from Synectics Solutions), to enhance and improve its fraud management capabilities.

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Using ReCheck to Review Existing Social Care Payments Against Internal Records to Identify Fraud

ReCheck, from the Cabinet Office National Fraud Initiative (NFI) allows organisations to check existing customer records against the NFI’s comprehensive data sets. This case study demonstrates how ReCheck has enabled a council to proactively check and monitor changes in customers’ personal and financial circumstances, including death, to stop invalid or fraudulent claims. SITUATION Haringey Council is located in North London. It was created in 1965 by the amalgamation of three former boroughs and shares borders with six other London boroughs. Haringey’s economy reflects the borough’s communities - vibrant, diverse, and enterprising. Like all authorities the demand for support in the area of Social Care remains high and monitoring and management of Social Care budgets is vital as the Council demonstrate accountability towards protecting public services.

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Our innovative thinkers are helping to shape the future of what's possible across all of the markets related to our business

Find all of our white papers and thought leadership articles by clicking here.

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To better understand the capabilities of Sonar, our AML screening and ongoing monitoring solution and how it will benefit your organisation, please get in touch.




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Our bespoke three stage risk management, financial crime and fraud prevention platform:

App store

Configure and customise your platform with a comprehensive range of advanced and highly successful Apps to suit your specific needs.

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Data marketplace

Access industry leading data resources and enrich your own data with access to a wide range of third party intellligence sources.

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Intelligence Hub

Manage data complexity simply. We validate, cleanse and orchestrate your data, and transform increasingly complex data into easily managed formats.

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Talk to us to discuss what more you could be doing with an automated AML screening and ongoing monitoring solution that allows you to monitor your customers on an ongoing basis. Please fill out the form below and we’ll get back to you shortly.

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