If you’re a large and established financial institution, you might be tempted to think that with all the resources you have and processes employed, your organization must be 100% immune to regulatory fines. But as we see in practice, it’s not the case at all.
For example, in 2021 the total amount of non-compliance fines issued to large banks by FinCEN alone in the US surpassed $10 Billion. In Europe, one of the biggest cases was in Northern Europe, when FSA imposed a $100 Million fine on a single organization. Most of these fines are related to failure to comply with different kinds of provisions of BSA and EU 6th AML directive regarding automated monitoring of customer deal flow and failures to report suspicious activity when this activity, in fact, took place.
As BSA and EU AML directive provisions are updated and amended each year, and to maximize the chance of avoiding fines organizations not only need the flexibility to make changes to their internal systems quickly, but also have to automate a lot of supervision, deal flagging, and analytics processes, in order to report any observed suspicious activity timely.
Hence, to be adaptive to the evolving compliance requirements, modern organizations absolutely must have an automated supervision system, which also would be flexible enough to be constantly re-configured at the minimum costs to the organization.
AML Manager is a functional add-on to the StrongHold Risk Management system that harnesses the core analytics engine of StrongHold and applies its analytical power to the unique set of challenges in the AML & Compliance field.
With AML Manager, your organization can rest assured that all compliance requirements of BSA and EU AML directives will be met in a timely manner. This should help you avoid hefty fines for non-compliance, which we see simply as an unnecessary “tax” on your business for being too slow to adapt.
AML Manager adds key features to the StrongHold Risk Management system for automating business processes in 3 areas:
For automated customer KYC & onboarding, AML Manager supplements StrongHold Risk Management with features that allow to fully process information the customer has provided and assess the customer’s level of risk.
For example, you can instantly screen a customer’s name, residence address, document ID number, and other provided data against public and commercial sanction lists, calculate the level of risk this customer poses to your organization and apply transaction limits accordingly. All of this can be done in full auto mode, with no manual input required.
AML Manager supplements the already strong analytical capabilities of StrongHold Risk Management with additional features that make automated monitoring of incoming and outgoing payments activity even more effective.
For example, using AML Manager features you’ll be able to screen payments based on their risk characteristics and then, based on the total risk score each payment accumulates during the evaluation, execute some payments immediately while requiring additional confirmation documents from customers before execution of others.
At this stage, it is also possible to connect machine learning models to supplement payment evaluation. D8 offers value-added machine learning model developing services, where we will develop ML models specifically tailored to solve your monitoring tasks and trained on your data. Alternatively, if you’re already running machine learning models – just connect them to AML Manager by adding a few web service calls.
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.
To aid your analysts in the investigation process, AML Manager offers a relations analyzer, which allows you to analyze how different entities that StrongHold Risk Management knows about are connected.
For example, with a relations analyzer, we’ll be able to visualize and see who are the regular beneficiaries the customer under investigation is sending payments to, are they connected to any other suspicious people, and so on.
With a relations analyzer, the previously boring work of sifting through thousands of excel rows and trying to find connections between the payments and customers becomes easier and faster than ever. All observed activity can be documented and reports produced automatically on a scheduled basis.
We cater to the broad spectrum of organizations, from large and established banks to small and nimble startups. Regardless of how well-established is your organization, you can take advantage of AML Manager – just start with SaaS installation and as your business grows, you can always switch to an in-house license later. System migration from SaaS to in-house is seamless, thanks to configuration management features that allow you to migrate system configurations from one installation to another with only a few clicks.
We’d be happy to provide you with more information and organize a demo session for you. Just drop us a line below with a quick description of your business case and let’s chat!
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