How Does AML-TRACE Help Financial Institutions Steer Clear of Financial Fraud?

Companies and organizations must have spent multiple nights and even years finding an effective solution to combat money laundering risk. Any established or growing company is under the serious threat of money laundering. So, with happiness comes a jolt of threat and fear. Why keep it when you can simply remove the threat?

Money laundering cases are only increasing and going to increase in the coming years. There is no stop to the severity of money laundering. So, when it comes to combating the risk, it may as well be the best one. 




AML Compliance is an effective and potential solution to reduce the risk of money laundering cases. In Response to the increasing seriousness of financial breaches, the government applied some strict rules and regulations that can effectively reduce money laundering cases. The regulatory framework is essential to be compliant with. 


Here are some visible results of AML compliance programs. 


  • Adhering to the AML regulatory framework showed a decline in money laundering cases. The companies started thinking through who their customers should be, from checking the customer background to analyzing their capability of getting involved in illegal acts.


  • Since financial breach is always supported from the inside, the AML rules also expect the organizations and financial institutions to do a thorough in-house run. All the employees and staff should be checked through the software and only allowed in if they pass the security check.


  • AML-TRACE is the software that is compliant with the AML regulations. The software helps companies and financial institutions understand how to steer clear of financial risks. The software automatically does the necessary checks and finds the faulty parties that have the slightest connection to a shady history or background. 


If you are looking for the right AML trace software in UAE for your business or company, make sure you learn more about AML-TRACE. 


Location: Abu Dhabi - United Arab Emirates

Comments

Post a Comment

Popular posts from this blog

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

How to Save a Business From Financial Fraud?

Image
If nothing else, the present crisis has revealed that you can never be ‘too prepared’ for the worst. But what if we tell you that we have a solution that exceeds your expectations when it comes to minimizing your business’ financial risks? AML-TRACE is this solution. Featuring cutting-edge AI, it is an on-site and cloud-based anti-money laundering (AML) software that helps prevent financial crimes and counter-terrorism financing activities against businesses. These include exchange houses, insurance companies, DNFBPs like dealers in precious metals and stones, brokerage firms, real estate, legal firms, audit firms and other industries. Simply put, AML-TRACE help firms identify the potential risks of the entities or parties, with whom businesses conduct (or are planning to conduct) transactions. Benefits of using AML-TRACE:- It helps collect, maintain & analyze the KYC data.  It improves the management process of client onboarding. The software automates workflows within the organi
Read more

Sanctions Screening Software: A Vital Tool for Compliance in the UAE

Image
Sanctions screening software UAE is a tool that ensures businesses are avoiding illegal activities. Companies need to use sanctions screening software to prevent financial and legal consequences. In other words, this software is vital for compliance in the UAE. It helps businesses to operate within the law and maintain a good reputation. Many companies are turning to sanctions screening software to ensure compliance with these regulations. Why is Sanctions Screening Software Important in the UAE? Sanctions screening software is essential in the United Arab Emirates (UAE) because the country has strict laws. UAE has regulations on financial transactions and business dealings with individuals and entities. By using sanctions screening software, businesses in the UAE can ensure that they comply with these regulations. For example, suppose a business in the UAE would conduct a transaction with an individual or entity under sanctions. In that case, it could result in penalties, fines, or e
Read more