Customer database check in times of Panama

Stuttgart /June 29, 2016 - The Panama Papers have made massive waves. Even German banks are involved in the scandal. Therefore, the German Federal Agency for Financial Services Supervision (BaFin) has carried out its legal authority for an information and submission request much more strongly since May. Cellent Finance Solutions offers SMARAGD PP2GO to check the customer database, so financial service providers can be certain of their customers and able to provide transparent information at any time.

Due to the disclosure of the Panama Papers with their almost twelve million confidential messages plenty of cases of financial crime became public. By the support of offshore service provider Mossack Fonseca even German companies committed a variety of crimes, e.g. tax fraud, money laundering, breaking of UN sanctions. More than 300,000 mailbox companies and trusts for fraudulent businesses were founded.

German Federal Agency for Financial Services Supervision uses its rights
As a reaction to the scandal the BaFin exercises its legal right to demand information and submission of data more strongly now. Investigations can be imposed in consultation with the Department of Justice. The companies concerned are obliged to cooperate. That is why it is important that financial service providers can always prove which other companies they work with and which transactions they are involved in. “Black sheep” among the customers have to be determined and eliminated. The solution SMARAGD PP2GO helps doing that.

SMARAGD PP2GO helps singling out the bad guys
The best opportunity for banks to be able to prove which companies they do business with, is a comparison of the customer database with the sources of the Panama Papers. The easiest way to do it is the customer database check SMARAGD PP2GO by Cellent Finance Solutions that uses the consolidated Offshore Leaks List. Around 600,000 entries are checked (entities, officers, intermediates) that are included in five lists of the Panama Papers. The check is also available as a mobile App “PEPe”. The system is already in use with many companies, currently checking six million customer records. At the end of the check a hit protocol is created that allows detailed conclusions on dubious customers.