Financial crime prevention solution to strengthen compliance


SIA Central Europe, the Hungarian subsidiary of financial service provider SIA, has teamed up with Germany's Tonbeller to help Hungarian organizations in their compliance initiatives and to deal with developments and impacts of the anti money laundering and counter terrorism financing legislations.

SIA Central Europe and Tonbeller will support banks, insurance companies, financial service providers, lawyers, notaries and others who are obliged to comply with Hungarian regulation requirements in the area of financial crime prevention, the companies announced at a conference on Thursday.

Tonbeller's so-called Siron Compliance Solutions portfolio includes modular, integrated software for anti-money laundering, counter terrorism financing, fraud detection as well as managing the initial risk rating during customer acceptance based on the 'Know Your Customer' principle.

SIA Central Europe is the hub of the SIA Group in the region and also a competence center for ATM and POS terminal management and transactions switching and for the capital markets compliance.

The companies' cooperation gives customers the possibility to put a reliable, cost-effective and highly automated solution in place in line with current  regulations. The product provides protection from sanctions and frees the responsible departments and employees from manual work. It also enables companies to effectively counter new developments in money laundering, capital markets fraud and other financial crimes.

“We are very pleased to expand the cooperation with Tonbeller to Hungary and the region, particularly in the range of products and services of anti-money laundering," said SIA Central Europe CEO Fabrizio Canedoli. "This is part of a broader initiative to strengthen our presence in this strategic area. Beside the traditional businesses of card processing, payment and networking services, we are now placing great emphasis on the area of compliance.“

Tonbeller managing director Torsten Mayer pointed out that the company's compliance solutions help organizations in streamlining processes, lowering operating expenses and comply with the national laws and regulations effectively. 

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