Ethics and governance in the European Financial centers

The IRE in Luxembourg, which is the regulatory body for auditors, has initiated an ambitious project to reinforce AML in the Luxembourg financial centre.
The project, which is called "Side Safe Watch", is in the framework of the KYC requirements.

Side product, SafeWatch, allows automated Anti-Money Laundering (AML) checking on the complete financial flow, regardless of origin and transport through a fully configurable and scaleable enterprise solution, strengthening AML compliance.
SafeWatch helps in preventing emission of outgoing and processing of incoming messages/data referring to black listed entities. The enterprise server can simultaneously analyze a large variety of sources: text files, real-time flows, SWIFT messages, MQ Series, Database tables... all detections are sent to the central SafeWatch monitoring station, and users are automatically notified of alerts by e-mail.

The application emphasizes on enterprise-wide features:
• Complete auditing
• Strong security management
• Full reporting

This project is developed by external auditors (and chartered accountants) in independence with their auditees that are not invited in the project group.


See information