The definition of the term ‘Money Laundering’, often expanded by government and international regulators to mean any financial transaction that generates an asset or a value as the result of an illegal act, which may involve actions such as tax evasion or false accounting. Techno Brain’s Anti-Money Laundering solution mitigates the risk of money laundering in the Banks.
The key features of Techno Brain’s anti-money laundering (AML) solution for banks include:
KYC: Know Your Customer
• Ability to capture all mandatory customer and related information
• Ability to capture citizenship and residence information for individuals as well as domicile and market-related information for organisations
• Support for user-defined identification requirements based on the individual or organisation
• Support for a range of verification options
• User-configurable AML risk scoring and risk classification including the facility to allot weightings
• Comprehensive compliance reporting, including Suspicious Transactions Reporting (STR), Threshold Transaction Reports (TTRs), International Funds Transfer Reports (IFTRs), and Sanction and Watch-list Reports (SWLRs)
KYT: Know Your Transaction
The Compliance Desk in the solution combines rule-based monitoring methods as prescribed by the SERI Act of 1992 and PM LA 2002 with user profiling techniques in order to detect suspicious activity and potential money laundering across customers, products, accounts, and transactions. Only four simple steps are required to administer alerts - detect, investigate, manage, and report.
The solution enables banks to take a risk-based approach to monitoring customer behaviour for suspected criminal financial activities via automated processes. It is a comprehensive AML software solution that includes transaction monitoring, intelligent detection tools, watch-list filtering, alerts investigation, case management, workflow, regulatory reporting (STR), and management reporting. It is designed to help banks effectively conduct due diligence and comply with government regulations. It gives a powerful combination of anti-fraud, AML, and business intelligence utilities. With Techno Brain’s AML solution, there are robust analytics in the Know Your Customer and Know Your Transaction segments. In addition, the solution supports industry best practices for monitoring and reviewing, along with comprehensive reporting and query capabilities in accordance with regulatory requirements. The AML solution stores compliance rules and flags any violation of these rules for follow-up.