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Oracle Customer Success — Andbank

Andbank

Andbank Fulfills Compliance Obligations with Oracle

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Oracle Financial Services Financial Crime and Compliance Management Solution enabled Andbank to strengthen our financial crime and compliance investigation processes and improve performance by 20%.

— Pedro Cardona Vilaplana, Subdirector General & Global CIO, Andbank

Andbank Combats Financial Crime and Meets Regulatory Obligations, Improving Performance by 20% and Generating Over 750 Monthly Alerts

Founded in 1930, Andbank is the oldest private bank headquartered in Andorra. The bank is present across 11 countries: with banking licenses in Andorra, Brazil, Spain, Luxembourg, Monaco and Bahamas, an international banking license and brokerage house in Panama, fund asset management and portfolio asset management and advisory services in Israel, a representative office and broker-dealer in Uruguay, investment advising and portfolio management in Miami, and an independent investment advisor in Mexico. 
 
The Andbank Group is committed to, and closely collaborates with, international efforts and initiatives to prevent money laundering, tax evasion, and the financing of terrorism. 
 
Challenges
  • Detect unusual or suspicious customer transactions by implementing advanced customer analysis tools
  • Improve how customer transactions are investigated and reported
  • Create a centralized repository to consolidate all the different international applications and reporting requirements into a common platform with uniform data sources 
Results
  • Enabled Andbank  to support their compliance and financial crime investigation processes on a single platform to improve team performance by 20%
  • Enhanced internal customer data and transaction management across Andbank globally by consolidating all customer data within Oracle Financial Services Analytical Applications (OFSAA) to generate over 750 monthly alerts
  • Increased processing speed, internal reporting, accounting processing, and data management
  • Implemented a flexible and complete solution which Andbank can easily configure and maintain internally

 

Oracle was the only vendor that could provide a single solution covering hardware to applications on one platform. We selected Oracle as it provides embedded know-how and a flexible and complete solution which is easy for our business users to maintain.

— Pedro Cardona Vilaplana, Subdirector General & Global CIO, Andbank

Execution

Andbank implemented Oracle Financial Services Financial Crime and Compliance Management (FCCM) Solution with support from Oracle Partner Everis. Oracle provided the functional and technical expertise about the product.
 
The project involves the implementation of seven OFSAA across 11 countries. The applications were first deployed in a cascade manner in Andorra and Spain, with the additional nine countries to be implemented shortly.  

About Andbank

Headquarters

 
Andorra la Vella, Andorra

Partners

Oracle Partner Everis coordinated the different components and resources supplied by Oracle. Everis was responsible for the integration of Oracle Financial Services Analytical Applications (OFSAA) in Andbank and ensured the day to day activities of the team members were executed in a synchronized and timely manner.
Published:  Jul 31, 2017