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SMARAGD 4.0 Presented at SMARAGD User Group Conference in Munich
STUTTGART and MUNICH, Germany, October 1 /PRNewswire/ -- Cellent Finance Solutions AG has presented the latest release of the
SMARAGD product family at the ninth SMARAGD User Group Conference. Release
4.0 of the software for combating financial crime fulfills all provisions of
the 3rd EU Money Laundering Directive and the German Supplementary Money
Laundering Act (GwBekErgG).
The anti-money laundering module, S/Research, has been completely
redesigned to incorporate a scenario-based approach, allowing the pinpointing
of new money-laundering and fraud scenarios and sustainably lowering the
false-positive rate. Consequently, in future considerably fewer non-critical
transactions will be classified as suspicious, while the accuracy in
identifying fraud patterns remains high.
The system architecture has also been overhauled to incorporate cutting
edge principles of software development. The new release is based on a
service-oriented architecture (SOA) and can be flexibly integrated in
existing system and application landscapes. The paradigm shift in the
software architecture opens up new opportunities for uncovering and
preventing fraud, money laundering and terrorist financing. Streamlined
performance algorithms significantly reduce hardware costs. The high
scalability allows full exploitation of existing system resources.
The SMARAGD product family reliably covers all GwBekErgG stipulations.
The new legal framework imposes stricter due diligence requirements on
financial service providers in line with the know-your-customer (KYC)
principle. This particularly applies to politically exposed persons (PEP).
The new risk-based approach now cuts control overheads for lower risk
customer involvement using risk profiles. This approach has been incorporated
throughout the current version of the SMARAGD product family. Deploying
SMARAGD 4.0 enables finance institutes to effectively meet their stricter due
diligence obligations.
Around 750 finance institutes in over 45 countries utilise SMARAGD
software. Especially global enterprises with widely divergent structures
benefit from the software's high flexibility and scalability. The new release
will be available from November.
Contact:
Elisabeth.Gutscher-Wolf@cellent-fs.de
Phone: +49-711-222992-930
