Transaction Monitoring System to Supercharge AML Compliance
A full view of a financial transaction including funds and users involved combined with the ability to receive notifications of suspicious transactions, is critical for AML regulatory compliance. This approach also allows you to satisfy internal policies and procedures while preventing criminals from using your institution to launder illicit funds.
Monitoring transactions manually is expensive and doesn’t provide enough information for accurate risk assessments and decision making. These inefficient processes consume time and resources that should be used for true escalations.
Acuant’s Transaction Monitoring system is designed to provide Financial Institutions and Fintechs with the industry’s most insightful, accurate and efficient AML compliance results. Our platform features a unique, user-centric, risk-based approach favored by regulators. Dynamic modeling, adaptive frameworks and contextual identity analysis supercharge your compliance efforts. We allow you to prevent financial crime and fraud schemes across business lines with advanced analytics.
BENEFITS
Risk-Based Approach Improves Productivity
Too many alerts hurt productivity. We allow you to rate risk alerts so you can focus on the most critical ones. Apply more hurdles to potentially suspicious transaction users while showing trusted users the fast lane.
Dynamic Real Time Risk Assessment
Go beyond the initial KYC event, recognizing that a user’s risk profile changes over time. Capture additional and updated attributes, conduct further analysis and ultimately update customer risk profiles accordingly.
Contextual Analysis Provides Greater Accuracy
Assemble and analyze a digital identity from an individual’s attributes to provide a continual assessment, evaluate the risk of the identity’s country of origin, and consider situation and environment. Consolidate a broad range of attributes for more accurate risk assessments.
Customization Increases Efficiency
A user-friendly, highly customizable and configurable platform allows you to focus on areas of growth that lead to business success. Transaction rules, risk thresholds and alerts are easily configured. Streamlined case management allows analysts to accurately and efficiently review relevant information.
HOW WE DO IT
Alerts: real time, filterable & optimized for analysts
Investigate Alerts: compares behaviors that generated alerts against similar users (unusual time period, unusual for the user, unusual based on policy)
Rules: set to trigger alerts when behavior changes
SAR & CTR Filings: comply with report filing rules, prefilled, filter transactions for reporting
Case & Queue Management: optimized for analysts, contains case info across different systems, creates multi-step review
Multi-Jurisdictional: connect policies to jurisdictions, file reports per jurisdiction, set SLAs per country
Payment Transaction Risk Scoring: ability to provide risk of transaction based on associated data
Reporting & Analytics: regulatory, operational, SLA, analyst reporting & more
Bitcoin Risk Assessment: see risk of virtual currency transactions & the risk of dealing with individuals & businesses that transact in virtual currencies
Why Acuant Compliance
Acuant has everything you need to meet regulations, manage fraud and fight financial crime. We make it easy with KYC, KYB, Sanctions Screening and Transaction Monitoring in a single platform. Our sophisticated technology allows you to automatically approve or deny prospects, apply operational workflows that make your compliance team more efficient and help you understand the risk of a specific identity and react in real time. Our flexible solution fits with your current systems through our API access, modular approach and custom capabilities.
Following the Money: Preventing Money Mules & Laundering
Though awareness of drug mules may be more common, they are not the only type of (human) mules exploited by crime syndicates. Whereas drug mules are individuals that illegally transport drugs across borders on behalf of—often coerced—others, money mules do the same but with money, typically receiving a commission.
Money mules pose a threat to businesses—especially banks and FIs—particularly when it comes to ensuring regulatory AML compliance. According to an Aite-Novarica report on money mules, “The adoption of faster payments, the global increase in identity-related fraud, and a relative lack of consistency within and across markets in how FIs monitor, remediate, and proactively interdict mule activity are creating ideal conditions for increased mule activity.”
Download the eBook – Following the Money: Preventing Money Mules & Laundering to learn more.