In July 2016, the BAWAG Group decided to replace its current compliance system with the SMARAGD Compliance Suite for three business units. The project scope included the migration of existing data, rules and AML scenarios.
The project was divided into two phases. The first phase included the introduction of SMARAGD MDS - for the daily analysis of customer and account balances, and SMARAGD CRS - with a new indicator and risk model. Both modules went live in December 2016.
During this project phase, an additional business unit was set up through the acquisition of a further bank. The second phase was completed in July 2017 with the productive launch of the SMARAGD TCM customer base check for PEPs and embargo information.
The project goals regarding schedule, budget and software quality were fully achieved. After the Go-Live, BAWAG Group informed targens that the system was working very reliably, and is much easier to configure. In addition, the hit rate was specified more precisely with 70 percent fewer false positives. Additionally, a simpler and more user-friendly handling for the first-level support was also included. The customer is completely satisfied.
“With SMARAGD, we have taken customer satisfaction to a whole new level.”
Lars Groche, Product Manager, targens
BAWAG Group AG, the Holding Company of BAWAG P.S.K., operates one of Austria's largest and financially strongest Banks with more than 2.5 Million customers, and is able to look back on a history of more than 130 years.