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EVALUATING AML SOFTWARE SOLUTIONS
AML business requirements are supported as follows:
- Customer identity management checks clients against various watch lists as part of Know your customer (KYC) requirements.
- Transaction monitoring systems, focus identifying and alerting managers to suspicious transactions.
- Investigations management and Suspicious Activity Reports (SARs) or Suspicious Transaction Reports (STRs).
- Currency Transaction Reporting (CTR) systems, which deal with large cash transaction reporting
- GRC compliance CRM software to help firms comply holistically with regulation including with AML regs.
Key functional areas covered in the guid:
- Access CIP and other demographic information
- Alert ranking
- Alerts
- Auto add false positives to white list
- Automated business rules
- Behaviour profiling
- Constrain scenarios by any data attribute
- Customer risk scoring
- Detects trend suggesting suspicious behaviour
- Entity link analysis
- Factor histories
- False Positive Reduction
- Filter tolerance controls to reduce false positives
- Flexible suppression
- Investigators work queue
- Manual override
- Multiple scenarios / database scan
- Past trends analysis
- Peer group analysis
- Penalties management
- Predictive modes
- Rapid access to customer, account and transaction data
- Recovery and resolution management
- Review triggering transactions
- Scenarios and risk factors applied to transactions to detect suspicious activity
- Schema for preparing data analysis
- Scores suspicious clients
- Supports multiple data types
- Watch list screening
- Watchlist Data
- AML Optimization
- Case management
- Data management
- Investigation and alert management
- Suspicious activity monitoring