Solution Guide: Financial Crime Compliance

identitii has reinvented how financial institutions can access, enrich and exchange information about payments in a secure and trusted way. identitii is providing financial institutions with efficiency, transparency and peace of mind in payments against a backdrop of financial crime, money laundering and ever-growing legal and regulatory requirements.

identitii Serra is an append-only federated database management system that supports robust permissioning and an immutable, verifiable audit trail. Leveraging the best parts of distributed ledger technology, relational and graph databases, it enables the secure and auditable exchange of information between systems, branches and institutions.

Serra can be leveraged to solve operational challenges for financial crime compliance teams

Automate and control processing of both sent and received requests for information for payments

Build policies to enrich payments with commonly requested compliance information

Connect legacy and operational systems and document stores with APIs; index existing information on the identitii Timeline and reduce time for investigations when require

Increase transparency of the purpose of transactions with controlled sharing of supporting documents and KYC information

Enable auditability of payment processing and compliance checks with immutability and irrefutability supported by distributed ledger technology

Enable affiliates and correspondent institutions to use your auditable and secured digital platform to share FCC/AML/CTF information with the ability to evolve towards a collaborative network

Sending bank indexes and shares documents & attributes collected during payment processing upon request to improve transaction transparency

1

Sending bank obtains a unique transaction token from the identitii DLT.

2

Sending bank attaches any information they intend to makeavailable to the countparties ofthe transaction.

3

Payment instruction is sent over existing payment networks, for example in a SWIFT MT103. Note: identitii can parse MT messages into ISO20022 for interoperability with MX standards; identitii tokens can index UETR references made under SWIFT gpi.

4

Using the token contained within the payment message, the receiving party may request additional information on the
identitii information layer.

5

Information is securely transmitted to the trusted receiving institution.


1

Sending bank obtains a unique transaction token from the identitii DLT.

2

Sending bank attaches any information they intend to makeavailable to the countparties ofthe transaction.

3

Payment instruction is sent over existing payment networks, for example in a SWIFT MT103. Note: identitii can parse MT messages into ISO20022 for interoperability with MX standards; identitii tokens can index UETR references made under SWIFT gpi.

4

Using the token contained within the payment message, the receiving party may request additional information on the
identitii information layer.

5

Information is securely transmitted to the trusted receiving institution.


Serra for Financial Crime Compliance | Product Features

identitii’s product can provided to support single branch, multi-branch and multi-bank configurations
Web application with limited connectivity to manage processing of sent and received RFIs Application integrated with information systems to improve the efficiency of RFI processing Multiple instances of Serra are connected to form an intra-bank network of auditable information exchange Multiple organisations connect their instances of Serra to form a multi-institution private network of auditable information exchange
FEATURES STANDALONE ADVANCED CONNECTED NETWORKED
Core application
Append-only database, allowing the storage of payment attributes and related documents
Tokenisation and indexation engine for managing transaction documents and attributes
Workflow for management of internal and external RFI processes
Customisable templates for the collection of information for payments
Search engine based on Elastic Search
Audit trail: digital stamp on events for internal auditors and regulators
User interface
Submit request for information or documentation
Respond to an RFI automatically or manually
Collect new supporting information and documents up to 1 gb
Search RFI and documentation by keywords and plain-text
Validate information to be sent when requested information is restricted
API/SDK integration
Enable integration with banks channels: web portals, and mobile apps
As sending bank, integrate with operational management systems to:
– Enrich payments prior to sending payment messages from your legacy
application
– Automatically retrieve information from legacy system while responding RFIs
As beneficiary bank, integrate with operational management systems to auto-generate RFIs where additional supporting information is required
Immutability & auditability provided by DLT
Intra-branch DLT: All ledger activity recorded by single bank or branch. Bank validates its records on the DLT
Intra-organisational DLT with authority: Ledger activity recorded by a single bank with multiple branches or affiliates. A single authority (bank or non-bank) validates the records
Multi-organisational DLT: proof hashes are recorded by participants. Multiple authorities validate the records using PoA consensus implementation
Shared PKI of trusted counterparties and directory of correspondent counterparties
Inter-bank messaging
Email connector to emit RFI
Easy reconciliation of emailed responses with emitted RFIs
Secured multi-channel messaging system with encryption (AES-256) and signature of each message
2-way SSL HTTP-based connector for messaging system
Message queuing connector for messaging system through VPN
SWIFT connectivity (MT199 &FileAct)
Plugins & connectors
SWIFT gpi connector to auto-retrieve available information based on UETR
Payment screening system connector to automatically request and retrieve
Transaction monitoring system connector to automatically request & retrieve information

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