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Managing Financial Crime &

Compliance at Dukhan Bank, Qatar

Dukhan Bank is Qatar’s most progressive Shari’ah compliant financial service provider. The Bank provides a full range of Shari’ah compliant banking services. Their Wholesale Banking provides a range of services to government and private sector companies in Qatar and across the region. With particular expertise in contracting and real estate finance. Moreover the Bank is playing an important role in financing Qatar’s infrastructure development projects in line with the Qatar National Vision 2030.

Dukhan Bank, one of the leading Islamic banks in Qatar, is licensed and regulated by the Qatar Central Bank. Dukhan Bank provides a full range of Shari’ah compliant banking services including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management. The Bank has also made significant acquisitions in consumer financing and investment banking.

The Bank acquired Oracle Financial Management and engaged Consulting and Implementation Services from Techlogix to implement a state of the art Compliance solution. The project covered implementation of the following modules,

  • Oracle Financial Services Anti-Money Laundering (AML)
  • Oracle Financial Services Know Your Customer (KYC)
  • Oracle Financial Services Enterprise Case Management (ECM)
  • Oracle Financial Services Analytical Reporting

The Challenge

Banking compliance has become one of the most significant concerns for financial institution executives. It has become essential for all banks to have compliance management systems in place. Nowadays the cost of non-compliance far outweighs the costs associated with having a compliance mechanism in place.

In 2010 the Central Bank of Qatar started to enforce the regulatory requirements introduced by the Government. At this point, Dukhan bank had no digitized system that would allow for these requirements to be fulfilled. Various disconnected legacy systems were in place. Due to this, the management at Dukhan Bank fully understood that a change needed to be made and so engaged Techlogix to fully digitize their systems. Apart from a holistic digital transformation, Dukhan bank had different modules of FCCM implemented across their core bank and its subsidiaries.

The Solution

The Solution Techlogix was chosen from a pool of candidates for Oracle FCCM implementation and support services. Resources from Techlogix were outsourced for the projects along with off-site support services that are being provided on an on-going basis. A complete green field implementation was carried out at Dukhan bank and its subsidiaries.

Oracle Financial Services Anti Money Laundering

With Oracle FCCM applications, financial institutions can manage compliance risk and investigate appropriate information across functional silos and gain a 360 degree view of all financial investigation data.

Modules implemented

Anti-Money Laundering (AML) – Automated, comprehensive, and consistent surveillance of all accounts, customers, correspondents, and third parties in transactions across all business lines to detect suspicious activity.

Know Your Customer (KYC) – A comprehensive customer risk-scoring module for both batch and real time with flexible and extensible risk-scoring module helps meet diverse KYC regulatory requirements across global institutions.

Enterprise Case Management (ECM) – manages and tracks the investigation and resolution of cases related to one or more business entities involved in potentially suspicious behavior.

AML Analytics – enables complex data analytics and visualizations making them accessible to every user level across the organization. Allows for easy Collaborative work on scenario authoring and testing criminal pattern detection.

Timeline of FCCM Implementation

Best practices used by Techlogix

  • Complete analysis of the regulatory requirements was done initially. Once the regulatory requirements were analyzed, these were mapped to the solution to cover all the regulatory requirements.
  • End to end training workshops were conducted with a “train the trainer” approach which helped the business and IT users become proficient in using the software.
  • Configuring the system and performing iterative test cycles to produce minimal false positive results.
  • Developing analytical reports and statistical reports which would help business teams in evaluating the system and user performance.
  • Setting up the production environment based on multi jurisdiction setup.
  • Techlogix worked on developing customized scenarios to meet the bank’s requirements. These custom scenarios have been specifically made to meet Qatar’s regulatory requirements.

Key benefits

  • Continuous and ad hoc monitoring of a customer journey with the bank through modern risk scoring methods
  • Streamlined process for customer onboarding with proper case management
  • Robust reporting system with customized reports
  • Automated end of day process with complete diagnostic scripts in place in case of failure
  • Custom scenarios enabled the compliance team to monitor key regulatory requirements
  • De-risked the organization by performing enhanced due diligence and screening against sanctioned lists
  • Organization wide (subsidiaries included) implementation enabled for more stringent and streamlined monitoring

Regulatory Compliance Management

Financial institutions are reacting to a deluge of oft-changing regulatory and security requirements with an increasing focus on tax compliance and fraud management. A proactive approach that goes beyond the typical piecemeal or departmental view of compliance towards an enterprise level is needed. We assist banks in anticipating regulatory needs and assist them in defining policies and processes that improve governance. Techlogix offers implementation services for the full functionality of Oracle’s Financial Crimes and Compliance Management (FCCM) suite.

Techlogix has helped customers and key stakeholders get a 360-degree view of financial activities and customer risk to detect and investigate potential money laundering behavior and achieve regulatory compliance within a timeframe of 4-6 months. We have successfully delivered the OFSAA platform for multiple customers across various geographies including UAE, Bahrain, Kenya, Pakistan, Qatar, Seychelles, Malaysia, Hong Kong, Zimbabwe & Afghanistan.

Our expertise includes the following compliance domains:

  • Anti-Money Laundering (AML)
  • Know Your Customer (KYC)
  • Enterprise Fraud Management (real-time and end of day fraud)
  • Regulatory Reporting including the creation of actionable reporting dashboards
  • Enterprise Case Management (ECM)
  • AML & Fraud Analytics
  • Go-AML STR & CTR Reporting
  • Trade Based Money Laundering
  • Treasury Based Money Laundering
  • Customer Screening
  • Transaction Filtering