Compliance officer in private banking

THE USE CASE
Scenario:

Anna, a relationship manager working for a German bank, travels to Buenos Aires, where she has to meet with Jose, head of a local Asset Management firm.

 

Jose introduces her to his parents: Sandra and Alexander, a retired married couple. After Jose leaves, Sandra and Alexander inform Anna that they are willing to open a joint account with the Bank. Sandra would be the beneficial owner and lives in Russia, Alexander would be the account holder and second beneficial owner. He lives in Ukraine. They both worked in the hotel industry in the past.

 

Jose will to have a power of attorney on his parent’s account.

 

Before requesting the opening of an account, Sandra and Alexander would like to know how Anna will be able to communicate with them as they travel frequently. Ideally, they would like to receive updates from Anna on a periodic basis without having to call her. They propose to meet in the future in various locations in southern France or Italian and Turkish ports, where they sail. Anna knows that Turkey, France and Italy are not strategic countries for the Bank and as such the Bank did not subscribe to the related country manuals.

 

Challenge:

Before leaving Anna duly studied the Country Manuals related to Argentina and the guidelines of the Bank. However, she is not prepared to answer Sandra and Alexander and plan the contacts based on their locations from time to time.

 

In addition, she wonders what kind of investment advice she can share with, Jose since he is a professional investor. To be able to provide an answer, she would like to consult a compliance officer at the Bank, fortunately the Bank is open despite the different time zone.

TASKS
  1. Access to the Country Manual Private Banking Argentina.
     

  2. Subscribe to the Country Manual Private Banking Turkey, France and Italy.
     

  3. Understand which rules would apply in the various circumstances.

TIME REQUIRED

2-3 days for new subscription

At least ½ to review the new manuals and understand the answers

RISKS

  1. Losing the prospects
     

  2. Wrong answers
     

  3. Consultation of the wrong Country Manuals
     

  4. Performing of forbidden activity
     

  5. Lack of tracking

ADVANTAGES FOR THE BANK AND THE RELATIONSHIP MANAGER

  1. Reduced minor costs in the short term (no inApp subscription)

TASKS
  1. Click on the client profile.
     

  2. Select the situations and play with the different scenarios to identify the most convenient using the Pay-per-click solution of Indigita.

TIME REQUIRED

5 minutes interacting with the prospects

RISKS

  1. Inability to answer due to lack of internet connection

ADVANTAGES FOR THE BANK AND THE RELATIONSHIP MANAGER

  1. Ability to conquer new clients
     

  2. Certainty of correct answers
     

  3. Proper cross-border risk management
     

  4. Reduced risk of potential fines by foreign and domestic authorities
     

  5. Audit trail on RM activity

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