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Anti-Money Laundering Module

Prevent money-laundering activities

General Description

As part of the Aspekt Product Suite is the Anti-Money Laundering Module (AML) which integrates controlling mechanisms for tracking risky transactions per internationally defined financial standards for AML and Client’s local regulations. Operations supported by AML Module include:

  • Blacklist screening against global watch list or internal black lists
  • KYC Data Compliance
  • Real time screening and monitoring of transactions using predefined indicators
  • Risk and Events Control based on predefined workflow rules
  • Contact Assessment per internal decisions
  • Tracking requests coming from Financial intelligence governance and monitoring
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The AML Module has option for flexible definition of events controls/indicators on specific activities with validation rules that either automatically alarm or stop suspicious activities. The events controls can be set up on transactions processing on Cash Desk as well as on performing non-cash transactions based on which the system generates automated system notification through Integrated Task and Messaging Platform (ITMP) to authorized users.

The Module supports fully flexible process of new black list mapping, updating as well as defining reasons for black listing definition.

Aspekt Product Suite supports Levenshtein algorithm for matching on global watchlists or internal black list as the most precise Fuzzy logic method for black list searching. The blacklist percent matching calculation is flexibly set according the requested parameters weightage for Individuals (First Name, Last Name, Birth Date) as well as for Companies (Company Name, Company Registration Date).

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Regarding the match criteria, automated controlling procedures for black list clients can be implemented in the Application workflow as well as Transactions processing: block the process further until the blocking parameters are achieved and the relevant user removes the contact from the blacklisted clients in to proceed further with the loan application process/transaction.

AML Module provides overview on risky transactions in structured report format per category and can be integrated with local AML regulators for automated data control, data reporting and monitoring.

Key Features

  • On-Time Information for Suspicious Activity and Transaction Monitoring
    Automated alarming of suspicious activities and monitor all transactions with reduced false positives cases by using as much as possible relevant data in order to enable a complete overview of risky transactions.
  • Stronger Security Protocol
    Enabling strong security protocol for performing daily operations in one financial organization and providing a seamless data access and possibility to connect with confirmed watch lists datasets.
  • Customer Onboarding and Monitoring
    With KYC regulations and black list screening feature, on time identify individuals and entities that present a potential source of risk to their business, territory, or overall safety, and then efficiently manage the compliance review and reporting process.
  • Tracking Customer’s Risk Group
    Flexible definition of groups and ranges of points for each group as well as defining the indicators and other parameters such as Country, Nationality, Citizenship, Education, Client’s Segmentation, Residency status, Gender, etc. used in Risk Group calculation.
  • Ongoing Adaptation to Changing Regulative and Risk Standards
    Tracking efficiently received requests coming from Financial Intelligence Governances and Anti-Money Laundering authorities as well as performing Contact assessment by Company’s internal decision.
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