Why choose the AML Solution?

The AML solution is a vertical one that influences the best business practices and unique technologies to help financial organizations comply with Anti-money Laundering regulations. The AML Solution put light on Know-your-customer profiling and Client Scoring and History. Against multiple watch lists and suspicious activity monitoring, it also provides AML Watch List Management via the client’s Transactional Behaviour analysis.




Key Features of AML Solution:-

Here’s a quick checklist of key characteristics of a good AML solution -

  1. Higher-level analytics
  2. Reporting features
  3. Extraordinary data management capabilities
  4. Instead of a strictly rules-based system, the use of artificial intelligence to discern anomalies in financial transactions
  5. A full-scale and future-ready digital platform
  6. Ease in maintaining the software
  7. Parametric excess doorway in various qualitative and quantitative dimensions
  8. Online fund transfer and customer checking against watch list presence
  9. The related mechanism for enterprising risk control
  10. Ease in updating the software
  11. Support of manual, local, and global watch list
  12. Tracking and scoring transactional and social customer behavior through questionnaires.
  13.  For further tracking and investigation, online and batch alert generation
  14. Transactional data processing in the direction of high transaction value and excessive transaction activity for customers.

What are the benefits of the AML solution?

There is an abundance of benefits of AML solutions. Some of the basic benefits of AML solution are - 

  1. The AML solution safeguards your business
  2. With the help of the AML solution, you get notified by alerts for any behavioral anomalies
  3. Transactions at any point are monitored by the AML solution
  4. It checks for cross-references in international watch lists 
  5. Helps in analyzing anomalies and patterns in legitimately suspicious activities 
  6. It provides a streamlined regulatory reporting capabilities 

With so many features and benefits, AML solutions have become the need of the hour. Reach out to the smart people at SMART Infotech to get expert advice on anti-money laundering aspects and stay immune to fraudulent practices. 


Comments

Post a Comment

Popular posts from this blog

Significance of an AML Dashboard | SMART Infotech

Image
It isn’t enough to simply set up an AML software. AML Compliance officers also need to verify that the software is operating efficiently & effectively. The AML-TRACE dashboard helps the officers accomplish just that. The AML-TRACE dashboard acts as an early warning system when the configured anti-money laundering transaction monitoring model isn’t working properly or generating relevant results. As such, it is a necessary tool for the authorities concerned to proactively take steps towards changes to their institutions’ AML risks & AML model performance. AML Compliance Program Its benefits:- Get accurate findings after AML PEP screening The dashboard improves the agility, efficiency, and effectiveness of the AML software. It shows accurate findings and thus gives alerts (if any) after the sanctions and PEP list screening processes.  Save company reputation As potential illegal transactions are identified in advance, the company’s reputation gets saved from getting tarnished. B
Read more

Importance of AML Screening Software For Businesses | SMART Infotech

Image
Politically Exposed Persons have to be identified & screened in companies as they pose many financial fraud risks. AML-TRACE performs PEP Screening , which helps you keep all such dangers at bay. PEPs are high-risk clients who have access to more potent opportunities than ordinary citizens to acquire assets via illegal means like money laundering & taking bribes. For the most effective AML compliance to become possible, it is crucial to identify PEPs & determine their risks. This is generally referred to as PEP list screening. Use of standardized data for AML name screening by AML-TRACE Complete & reliable electronic customer data records are the basis for effective PEP screening. Without accurate unique identification data, PEP screening will not serve its purpose. The eventual results arrived at based on this data will be irrelevant & inconsistent. Here, we lay out the minimum information that all companies need to keep a record of so that an effective PEP screeni
Read more