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Experienced Compliance Experts and Siron® Specialists
We are a certified Siron® Sales & Implementation Partner. Our team consists of former employees of the manufacturer who have already closely supported Siron® clients for many years. Many of our consultants, auditors and AML analysts will therefore be familiar to you.
Siron® clients benefit from more than 150 years of combined experience serving 1,300 financial institutions in more than 100 countries.
As a specialist in anti-financial crime compliance, we strengthen the msg group and offer a broad portfolio of consulting services and technology tools to support the work of the compliance function.
With us, you receive all services relating to Siron® applications in the highest quality coupled with best-practice approaches.
Whitepaper, Factsheets & Links
Your Benefits
☞ High level of continuity in the projects thanks to former employees of the manufacturer
☞ Comprehensive Siron® know-how across all modules of the Siron® portfolio (AML, KYC, Embargo, ACM, RAS, RCC, TCR), from architecture to application
☞ Close cooperation with IMTF
☞ Short-term availability of Siron® specialists
Most Popular Services
☞ Support with risk analysis, case handling, SARs, contact person in case of doubt, training (employees, MLRO), or optimisation of Siron®
☞ System updates of Siron® (updates, patches, hotfixes)
☞ IT services such as incident, problem and change management or the monitoring and continuous improvement of your systems
Our Service Portfolio for Siron® Clients
Advisory & Consulting Services
Advisory on building an effective and efficient Compliance factory | Improving existing software usage via optimization, functional adjustments, health checks, reviews, trainings and workshops
Managed Services
System monitoring, environmental monitoring, and performance monitoring | Improvement, ongoing support for risk assessment |Simplified/enhanced due diligence, and decision support
Governance Services
AML & KYC governance reports, FIU consultations, stress/effectivity reviews | Forensic investigations, dispute and litigation support (not legal advice) | CCO advisory services
Change Services
Vendor assessment support for optimal Financial Crime/AML solution selection on behalf of the Compliance organization | Assistance in RFI/RFP processes, including short-listing| Maturity reviews and gap analyses
Comments from Our Siron® Clients
Thank you very much for the excellent support from the msg Rethink Compliance project team. We have never been so satisfied with project support in our Siron® history.
Robin Richter, Hauck Aufhäuser Lampe Privatbank
The work with msg has without doubt been a huge improvement and one of the single most beneficial project on our AML systems since the implementation in 2019. The quality of the work and the great collaboration and communication has been impeccable and we look forward of future projects together.
Rut Gunnarsdóttir, Islandsbanki
Is your Siron® AML system optimally tuned?
We help with backtesting!
Experience and knowledge alone are no longer enough when it comes to the rules and parameters of your monitoring system. Financial institutions are required to regularly review their systems to assess whether the business rules being applied are effective or ineffective. The latter could be the case if the rules are too loosely defined or if the thresholds are too high and therefore generate few alerts. These settings can be evaluated and optimised through backtesting. We automate your backtesting process and help you derive rule sets and parameters in a structured and traceable way to meet regulatory requirements.
Compliance Services by Subscription
In order to be able to advise you quickly and easily in the event of bottlenecks or complex issues, we have created the "Compliance Services by Subscription". The content and scope of this subscription can be individually defined and easily accessed via advisory modules and monthly time quotas.
Would you like to learn more about our service modules by subscription? Here you can request an overview of the services in the area of money laundering compliance.
Fast, unbureaucratic access to expert knowledge
We will be happy to provide you with a service catalogue for your orientation upon request. Our services can be flexibly defined according to individual needs. From a telephone call to a tour of your system guided by one of our experts to a classic on-site assignment.
Independent, sustainable & system-safe
We are an independent consultancy with a high level of expertise in the applications Siron® AML, Siron® KYC, Siron® Embargo and the other Siron® modules (RAS, RCC, TCR).
Individual booking options at fair prices
Service requests in units of 15 min remotely is possible. Our service is available in the volume you need, when you need it and scalable for institutions of all sizes.
Outsourcing of the Anti-Money Laundering Officer
The range of tasks of the anti-money laundering officer is diverse, the responsibility is great and experienced professionals are rare. The appointment of an external representative can be the right solution for obliged parties to ensure compliance with the AMLA and other requirements for money laundering prevention.
Our employees are compliance specialists who have worked as responsible money laundering officers in banks, at financial service providers or in companies.
Minimise risks, ensure compliance
With the high level of knowledge and proven expertise of our employees, you minimise risks and create security. We offer you a custom-fit solution for your challenges – whether it's full or partial outsourcing.
Focus on core tasks
Compliance processes are time-consuming and tie up resources. With an external AML officer, you do not tie up resources that you can use more profitably elsewhere – and you can concentrate on your core business again.
Reduce costs and maintain flexibility
Money laundering compliance involves high staffing and training costs to keep the AML officer up to date. In addition, it is difficult to find internal replacements in case of resource bottlenecks or longer periods of staff absence (parental leave, sabbatical, etc.). By outsourcing, you can increase efficiency, save costs and remain flexible.
Ready for AI?
Power bots and data services that support your existing Siron® AML and Siron® KYC solutions provide you with intelligent decision support in compliance processes and allow for huge productivity gains.
Quality Check & Prioritisation
AI-supported checking and prioritisation of hits within the scope of sanction list and PEP list checks to reduce costs caused by high false positives
Adverse Media Crawling
for client risk screening, extended due diligence in the area of KYC & sanctions or for support in AML case management
Alert and Case Management Agent
Intelligent case management support for automated clearing of alerts or preparation of AML/KYC cases, including Hidden Network Detector
Periodic Review Agent
for robot-assisted regular client risk review and balancing team capacity, workloads and AML/KYC compliance requirements
Monitoring & Reports
FIU Report Qualifier for AI-assisted identification of new typologies through screening of SARs for risk prediction for clients
Memberships & Cooperations
AI innovation made in Germany.
Germany’s largest AI network: We are part of it!
Important Current Topics
Foreign payment transactions
Dealing with missing or incorrect data in money laundering research systems
As part of client projects, msg Rethink Compliance has analysed the fact that the country of the client or recipient is not correctly transferred to the research systems in a large number of transactions with a foreign connection. As a result, the necessary parameters implemented in the research systems do not produce any results or do not produce the expected results. Thus, it is often only possible with great effort for those responsible to recognise whether a transaction is subject to research, which may result in a report to the FIU.
Critical threat in Java Library Log4j
Siron® products also affected – solution available
The Siron® products AML, KYC, Embargo and TCR in releases 181101 and 191101 are also affected by the vulnerability in the Java library Log4j. Siron® RCC releases older than 1.0.9+b164 as well as Siron® ACM in versions 3.2.1 to 3.5.0 are also endangered by this vulnerability. Both products use a Log4j version 2, but an older one than 2.17. FICO® has provided hotfixes in Flexera. We are happy to support you with the installation of the hotfix updates.
ISO 20022
Is your sanctions screening already fit for the new payment transactions standard?
From November 2022, ISO 20022 will be the leading standard in payment transactions, replacing ISO 15022. The migration to XML brings with it a large amount of structured fields and field content that lead to entirely new possibilities for analysis and reporting in anti-financial crime compliance processes. Especially in sanctions screening, the additional data fields of ISO 20022, if used correctly, can significantly improve the efficiency and effectiveness of the filters. Find out more about ISO 20022 and its effects on Siron®Embargo in our fact sheet.
EBA report on AML/CFT supervision
More on-site audits to be expected in 2022 - Are you ready?
In March 2022, the European Banking Authority (EBA) published its report on competent authorities' approaches to the AML/CFT supervision of banks. According to EBA, too few on-site visits to obligated entities have taken place. Thus competent authorities could not check whether the AML/CFT measures taken are appropriate and effective. Key points of such audits are not only the established processes but also the measures implemented, such as research systems used, and business rules applied. It can be assumed that these audits will extend to all obligated parties and not only focus on the large institutions. Is your institute sufficiently prepared for such audits? Download fact sheet.
Contact
Do you have a question or need support? Get in touch with us. Call us, write us an email or use our contact form. We look forward to hearing from you!
+49 69 580045-0 | ✉︎ rethink@msg-compliance.com
Crypto, Decentralized Finance, Web3,
Smart Contracts or Digital Assets – Glossary
Sanctions against Russia
White Paper
Contact
msg Rethink Compliance GmbH
Amelia-Mary-Earhart-Straße 14
60549 Frankfurt am Main
+49 69 580045-0
✉︎ info@msg-compliance.com
msg Rethink Compliance
The consulting and technology company msg Rethink Compliance is a specialist in the area of Anti-Financial Crime and helps customers to implement their compliance strategies to combat money laundering, terrorist financing and corruption.
msg group
msg Rethink Compliance is part of msg, an independent group of companies with more than 10,000 employees.
The msg group operates in 32 countries in the banking, insurance, automotive, consumer products, food, healthcare, life science & chemicals, public sector, telecommunications, manufacturing, travel & logistics and utilities industries. msg develops holistic software solutions and advises its customers on all aspects of information technology.