Resources

Behavior Analytics: Statistical models and techniques have long been used to predict anomalous transactions and fraudulent customers or to detect anomalous relationships within a financial system. With the gradual uptrend in the four ‘Vs’ of big data (volume, veracity, variety and velocity), real-time fraud detection has been the need of the hour. In the area of financial crime and compliance, advanced analytics is widely used to predict customer intent from subtle behavioral features like click speed, time spent in a web page, IP address, products purchased online and surfing behavior used by AML Solutions and AML systems.

Case Management: In financial services, managing and resolving risk, compliance and fraud issues across multiple functions and specialties presents daunting challenges. Case management systems can collect disparate sources of information that an analyst needs to resolve an issue. The most efficient means to facilitate effective case management is by using case management software because it eliminates subjectivity from the resolution of cases and creates consistency between cases.

Compliance Reporting: In order to combat financial crime, banks, credit unions, and a variety of other financial institutions across the world, are required to develop and put in place Anti Money Laundering (AML) Compliance Programs. All financial institutions should have a strong understanding of what an AML compliance program needs to achieve, and how to create a program which works for them. This makes compliance reporting essential as a feature for AML Solutions and AML systems.

Investigation Management: Investigation management helps drive targeted AML and anti-fraud outcomes. Having investigation management feature in the AML Solutions and AML systems can reduce cycle time while eliminating backlogs and can reduce data aggregation times and cut false positives without losing critical data. More targeted and actionable alerts can reach resolutions more quickly.

Identity Verification: Online identity verification is the starting point for AML compliance in a digital world. If the EU’s Fourth Anti-Money Laundering Directive is any indication, governing bodies are becoming more comfortable with, and some would suggest even encouraging of, the use of digital customer identity verification. AML and KYC go hand in hand when it comes to the role of online identity verification.

PEP Screening: In financial regulation, politically exposed person (PEP) is a term describing someone who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. There is a need to conduct separate checks against PEPs to protect from exposure to the menace of financial crimes.

Risk Assessment: Financial institutions must implement risk management as a feature in the AML Solutions and AML systems to enhance their controls in the complex environment. Risk Assessment forms the basis for applying to AML compliance program. AML Solutions and AML systems must include risk assessments and customer screening policies and procedures and policies regarding high risk and special categories of customers.

SARs: Suspicious activity reports (SARs) are central to effectual AML, and of vital importance to regulatory and law enforcement agencies. Improved SAR quality, from investigating and documenting the suspicious activity to writing insight-filled narratives that serve as a front line in the fight against financial crime is a must have feature for a good AML Solutions and AML systems.

Transaction Monitoring: Transaction monitoring feature in AML Solutions and AML systems allows banks and other financial institutions to monitor customer transactions daily or in real-time for risk. By combining this information with analysis of customers’ historical information and account profile, AML Solutions and AML systems can provide financial institutions with a whole picture analysis of a customer’s profile, risk levels, and predicted future activity, and can also generate reports and create alerts to suspicious activity.

Watch List: With Watchlist feature in AML Solutions and AML systems, organizations can quickly identify individuals and entities that present a potential source of risk to their business, territory, or overall safety, and then efficiently manage the compliance review and reporting process. Watchlist feature helps organizations minimize their exposure to the risk of financial crime and enables them to comply with increasingly complex domestic and international legislation and regulation.