INDUSTRY
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Highlights
- The frequency and severity of money laundering, fraud, and other financial crimes have been on the rise, posing a significant challenge to banks and financial services firms.
- TCS offers a range of financial crime compliance solutions and services spanning areas such as KYC, sanctions, AML compliance, transaction monitoring, and fraud management.
- Our solutions and services are backed by global best practices and industry benchmarks.
in this article
The Challenge
Financial institutions are no strangers to money laundering, fraud, and other financial crimes.
However, the frequency and severity of such crimes have been on the rise, posing a significant challenge to banks and financial services firms. The COVID-19 crisis compounded this problem for financial institutions, which were already struggling to tackle long-standing financial crime compliance issues owing to poor data quality, fragmented compliance platforms, high false alert volumes, SLA breaches, and high operational cost. To add to the woes of banks and financial services firms, customer transaction behaviors have significantly changed – and are changing still.
The Solution
TCS offers a range of financial crime compliance solutions and services spanning areas such as KYC, sanctions, AML compliance, transaction monitoring, and fraud management.
TCS’ financial crime compliance suite includes:
- Consulting and advisory services around regulatory changes, technology-led business transformations, risk and operational impact assessments, automation and optimization analysis of financial crime compliance functions, and product evaluations
- Strategy design using robotics, artificial intelligence (AI), machine learning (ML), natural language processing (NLP), text mining, and other technologies to develop solutions for enhancing the effectiveness and efficiency of financial crimes prevention, detection, investigation, and reporting mechanisms
- Solution accelerators including cognitive RPA for KYC, smart KYC document verification, dynamic customer risk profiling, FinCEN or FIU inquiry management, and RPA-based auto alert disposition
- Professional services for development and implementation of data analytics and assurance frameworks
The Benefits
TCS’ solutions and services are backed by global best practices and industry benchmarks.
Our financial crime compliance suite offers a range of benefits to financial institutions, including:
- Comprehensive transformation and innovation strategy to safeguard against probable financial crimes
- Significant enhancement of control and compliance effectiveness and efficiency
- Regulatory updates, thought leadership, and advisory to stay ahead of the curve
- Alliance with fintechs to harness the latest and best in financial crime compliance technology
The TCS Advantage
TCS brings decades of experience and deep contextual knowledge to the table.
By partnering with TCS, banks and financial firms stand to gain from:
- Proven track record: TCS has worked with several Fortune 500 companies, transforming their compliance function using digital technologies.
- Industry partnerships: We have forged strong alliances with key technology companies, which helps us develop state-of-the-art solutions for our clients.
- Innovation focus: TCS invests heavily in technology research and collaborates with customers and peers for cross-pollination of ideas, fueling innovation.
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