Since the first BSA act was passed in 1970 in the United States, anti-money laundering regulations around the world began putting ever increased pressure on financial institutions all over the world, not just in the US. Current European anti-money laundering regulation – 4th anti-money laundering directive specifies in great detail different information about customer risk level, customer personal data, as well as comprehensive statistics on customer activity, that each financial institution is obliged to store an report, both regularly and on demand to the local and European financial regulators.
Managing all of those pieces of data manually is too costly and time consuming, if not impossible, without proper automation tool that could gather, analyze and store all these pieces of data in one centralized location and produce both necessary insights for the institution itself, as well as necessary reports to satisfy the requirements of regulators.
According to Statista, the biggest risks that banks are facing today are rapidly changing money laundering techniques, involving modern digital technologies, which makes it harder for banks to uncover such cases, and constantly increasing costs of complying with regulatory requirements. Failure to manage these two problems might lead to severe fines from 5,000,000 EUR and up per each case, as well as thin out profit margins for the banks.
AML Manager is a software analytics engine, used for automating AML/CTF processes in financial institutions, as well as a centralized customer activity data storage and reports generation engine. Using AML Manager, financial institution can set up automatic or semi-automatic KYC/CDD and risk scoring processes for gathering, verifying and storing customer data, as well as ensure continuous monitoring of customer’s accounts and activity.
For the analytical purposes, AML Manager offers easy to use dashboard that allows AML analysts to quickly glance at the activity flow of some or all customers, and determine whether something suspicious is happening and some intervention is required. AML Manager also has built in relations analysis tool, that provides insights into the customer’s network of counterparts and makes it easier for an AML analyst to spot possible emerging money laundering schemes.
AML Manager is integrated with the reports engine, which allows to configure reports in any format that is requested by the local and international regulation (OFAC, FATCA, FinCen, FATF and other report formats are supported), as well as allows scheduled and on demand preparation of the reports.
In comparison with other AML solutions on the market, AML Manager is much smaller and more flexible than bigger, enterprise-grade systems. This is a big advantage to small and mid-sized organizations, that, given their size, simply don’t need much of the functionality that is offered by the big, enterprise-grade systems.
AML Manager is one of the most lightweight systems on the market, that is sold as a software package, installable into the clients’ infrastructure, and acts as a centralized data gathering, analysis and storage point. It also has very flexible integration possibilities, that makes it adaptable to any infrastructure configuration and any internal systems that you might have.
AML Manager perfectly suits those organizations that need small, nimble solution that would ensure full compliance to the latest regulations, at the same time accounting for the possible future growth of the organization.
AML Manager has built-in tools and capabilities to cover all AML/CTF processes within your organization.
Do you want to automate customer KYC/CDD process, analyse data and determine customer’s risk level in real time? Not a problem! All you need is to connect AML Manager to the data source that will supply filled-in KYC questionnaire and connect various external databases to the AML Manager (PEP database, for example). AML Manager will analyze the data and report any red flags from sanction lists and return calculated customer risk level within milliseconds.
Do you need to constantly monitor customer’s activity with his/her account? Not a problem! AML Manager can be configured to monitor all flow of payments coming in and out of customer’s account automatically and produce real time alerts whenever it detects some suspicious payment. It also can be configured to put suspicious payments on hold, so that they are not executed until AML analyst investigates these payments and confirms their legitimacy.
Do you need to analyze network of counterparties to detect possible money laundering schemes and entities involved in them? Not a problem! With AML Manager you can visualize relationships between entities via dynamic chart and uncover all parties involved in placement, layering and integration phases of money laundering.
Do you need to produce comprehensive reports for local and international regulators? Not a problem! AML Manager stores all activity data in its’ database and allows to calculate and store different statistics on this data. Built-in reporting tool can produce needed reports from all this data in any formats required, both at a regular schedule, as well as on demand with a single push of a button.
There are numerous benefits that your organization will gain from using AML Manager:
As we’ve already reviewed earlier, regulators can impose hefty fines, counted in millions of EUR, for inability to comply with the provisions of the 4th aml directive. If AML Manager will help you avoid just one (just one!) such occasion, it will already produce approx. 20-25x (that’s 2000-2500%) return on your investment in setting up AML Manager.
If you’d like to know more about AML Manager and how it could help your business better comply with the provisions of 4th aml directive, fill in the form below and you’ll be contacted by one of our representatives on short notice. If you’d like to learn more about the features of AML Manager, just download product factsheet, available below.