To meet regulatory requirements of rising global economy, it is necessary to strengthen AML platform of all banking and financial institutions to manage risk strategically. For enterprises with moderate to high risk exposures, this calls for a rigorous automated system based on dynamic risk assessment.
Built on Neorithm NavigatorSuite data management and analytics functionality, Anti Money Laundering Solution provides an end-to-end proactive AML detection and management capabilities across the enterprise. With NavigatorSuite Anti Money Laundering Solution, financial institutions can create an enterprise wide risk based approach and unified customer views, monitor activity using multiple detection methods, investigate and document suspicious cases, and produce required regulatory reports.
The various functions of AML include the following:
- Knowing Your Customers
- Monitoring Transactions for Suspicious Activity
- Investigation and Reports
Knowing Your Customers:
Strengthening the KYC practices of the organization is the need of the hour. AML Solution offers tools to enhance Due Diligence. List Screening allows you to screen your customers, beneficiaries or even non-customers against published or internal lists of your choice. Link tracer facilitates in identifying hidden links between entities either at the static or transactions level.
Monitoring Transactions for Suspicious Activity:
AML has several inbuilt Alert Scenarios that provides you with tools to monitor transactions and identify suspicious patterns. You can configure and selectively apply scenarios to different customer categories. AML solution provides users the facility to drill down to the transactions that form the basis of suspicions and enables multi-dimensional view of transactional patterns.
Investigation and Reports:
Reports can be generated from AML solution based on the alerts generated. Further, investigation on the underlying transactions is facilitated. Cash Transaction Reports (CTR) and Suspicious Transactions Reports (STR) / Suspicious Activity Reports can be filed with data populated from the data already available in the system. Filing of Reports to regulatory authorities through different media is supported.
Features
- Dashboard
- Data Interface
- Know Your Customer
- Customer Identification Program
- Rule Based Engine
Information display on the dashboard as per user access rights.
Import from multiple data sources.
Data cleansing and validation.
Data transformation.
Business Intelligence.
Captures customer details.
Sets severity for each field.
Screens customer data for KYC compliance.
Distribute tasks to update KYC information using workflow.
Uses fuzzy and sound-ex logic for search and filtering.
System calculated customer rating for KYC compliance using weighted average algorithm.
Sound-ex search – partial / ful.
Text Search – partial / full.
Customer number, account number, date of birth, passport, PAN card details.
Centralized monitoring.
Internal and external black list/white list management.
False-positive marking.
Reporting type definition and custom rules definition.
Attach a rule to any report.
Activate or de-activate any rule any time.
User defined rule running frequency.
Rule execution on customer/account/transaction level.
Initiates case management.
Flexibility on execution of rule.
Benefits
- Timely and efficient reporting to meet regulatory and compliance guidelines.
- User definable KYC policies, with suggestion on best practices.
- Integrated workflow with case management.
- User definable rules with pre developed rules.
- Intuitive user interface.
- Easy to interface with core system.
- Delivers enterprise wide AML strategy view.
- Facility to fine-tune thresholds and scoring formulas, without IT assistance, for risk detection.
- Future proof solution with an advanced analytics platform.
- Maximize efficiency and staff productivity resulting into lower Total Cost of Ownership (TCO).
AML Solution utilizes the latest software development approach of the 3-tier architecture developed using .Net and deployed on Microsoft SQL 2005 and above versions.