The AML rules help organizations to detect and report suspicious activity to stop money laundering and terrorist financing.
According to FINRA, an anti-money laundering compliance program is required to include the following elements:
Adherence to BSA/AML policies are the responsibility of every employee within financial institutions and can be faced with heavy fines due to non-compliance. Work with a trusted compliance partner to remain vigilant in your continuous efforts to monitor suspicious transactions, track trends in your portfolios, and report. We help to enable banks, brokerage firms, insurance companies, ect, to analyze how money moves in and around their organization, detect suspicious patterns of behavior, create effective reports, and reduce the manual activities related to regulatory compliance.
Go beyond your typical transaction monitoring with powerful and flexible rule definition capabilities to help you create advanced behavioral rules and reports, supporting your organization’s risk needs. Leverage integrated watch list screening to effectively scan customers for added efficiency and peace of mind. Effectively implement automated systems and processes to report money laundering activities through to the Suspicious Activity Report (SAR) filing and archiving.
Review consumer’s full credit behavior to make sound lending decisions.
Implement robust identity verification to ensure you know who you are doing business with.
Verify business and business owner application information to reduce commercial fraud.
Empower your team to monitor your portfolio against sanction lists.