Belarus-based Belgazprombank has implemented FICO’s Tonbeller Siron Embargo.

The system was implemented by FICO partner RDTEX, with assistance from FICO consultants. It will, according to the vendor, enable the bank to comply with regulations by blocking financial transactions and freezing funds related to persons involved in terrorist activities. The bank will also use the system to manage financial transactions and work with individuals and public officials, in order to comply with international economic sanctions.

The implemented system includes two components: Siron Embargo and Siron KYC, and performs both online checks and retrospective analysis. Both components are built on a single database and share access to downloaded or created external and internal lists.

“With the help of our partners, RDTEX and FICO, the bank quickly implemented two modules of the Siron suite, which allowed us to manage our work with various restrictive lists — including lists of public officials, sanctions lists, and lists of persons involved in terrorist activities — at a qualitatively different level,” said executive director of Belgazprombank, Irina Kalechits. “Also, the system allows the bank to manage our own lists. We succeeded in meeting the new requirements of the legislation of the Republic of Belarus in a timely manner, and reduced the risks of non-compliance with international banking practices.”

“Regulators worldwide are focused on preventing the financing of financial crime,” said Torsten Mayer, vice president for compliance solutions at FICO. “We help Belgazprombank and other banks worldwide to keep up with new lists of high-risk persons and screen every transaction.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: