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 has magnified the problem for financial institutions, which were already struggling to tackle their long-standing financial crime compliance (FCC) 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 – in the wake of the ongoing pandemic.
TCS solution
TCS offers a range of FCC solutions and services spanning areas such as KYC, sanctions, AML compliance, transaction monitoring, and fraud management. TCS’ FCC suite includes:
Benefits
TCS’ solutions and services are backed by global best practices and industry benchmarks. Our FCC suite extends a host of benefits to financial institutions, including: