The Hidden Cost of Non-Compliance
If you’re a large and established financial institution, you might be tempted to think that your organization is 100% compliant with all anti money laundering requirements. However, it’s not necessarily true.
For example, in 2021 the total amount of non-compliance fines issued to large banks by FinCEN alone in the US surpassed $10 Billion. In Europe, one of the biggest cases was in Northern Europe, when FSA imposed a $100 Million fine on a single organization.
Most of these fines are related to failure to comply with different kinds of provisions of BSA and 6th AMLD directive regarding automated monitoring of customer deal flow and failures to report suspicious activity when this activity took place.
BSA and AMLD directive provisions are updated and amended each year, so to ensure compliance with the latest requirements, organizations need the flexibility to make changes to their internal systems quickly. In addition, organizations also have to automate a lot of supervision, deal flagging, and analytics processes, in order to report any observed suspicious activity timely.
Hence, to be adaptive to the evolving compliance requirements, modern organizations absolutely must have an automated anti money laundering supervision system. This system has to be be flexible enough to be constantly re-configured at the minimum cost to the organization.
Automate your AML processes with our Anti Money Laundering Platform
Anti Money Laundering Platform is a functional package for the StrongHold Fraud Prevention Platform that harnesses the core analytics engine of StrongHold and applies its analytical power to the unique set of challenges in the AML & Compliance field.
With our platform, your organization can rest assured that all compliance requirements of BSA and AMLD directives will be met in a timely manner. This should help your organization avoid hefty fines for non-compliance, which we see simply as an unnecessary “tax” on your business for being too slow to adapt.
Automate the most critical anti money laundering processes:
Customer KYC & Onboarding
Automate most of your onboarding and KYC screening processes (sanctions, PEPs, risk scoring, etc.).
Payments Monitoring
Monitor all customer account activity in real-time - incoming payments, outgoing payments, suspicious beneficiaries, etc.
Activity Analysis & Reporting
Analyze complex money movement topologies and create comprehensive reports for management and regulators.
Automating Anti Money Laundering Processes
Main features that are added to StrongHold with Anti Money Laundering Platform package help you automate the following mission-critical processes.
Anti Money Laundering Platform - KYC & onboarding
For automated customer KYC & onboarding, our platform supplements StrongHold Fraud Prevention with features that allow to fully process information the customer has provided and assess the customer’s level of risk. For example, you can instantly screen a customer’s name, residence address, document ID number, and other provided data against public and commercial sanction lists, calculate the level of risk this customer poses to your organization and apply transaction limits accordingly. All of this can be done in full auto mode, with no manual input required.
Anti Money Laundering Platform - Payments monitoring
Our platform supplements already strong analytical capabilities of StrongHold Fraud Prevention with additional features that make automated monitoring of incoming and outgoing payments activity even more effective. For example, using the features of our platform you’ll be able to screen payments based on their risk characteristics and then, based on the total risk score each payment accumulates during the evaluation, execute some payments immediately while requiring additional confirmation documents from customers before execution of others. At this stage, it is also possible to connect machine learning models to supplement payment evaluation. D8 offers value-added machine learning model developing services, where we will develop ML models specifically tailored to solve your monitoring tasks and trained on your data. Alternatively, if you’re already running machine learning models – just connect them to our platform by adding a few web service calls.
Anti Money Laundering Platform - Activity Analysis & Reporting
To aid your analysts in the investigation process, our platform offers a relations analyzer, which allows you to analyze how different entities that StrongHold Fraud Prevention knows about are connected. For example, with a relations analyzer, we’ll be able to visualize and see who are the regular beneficiaries the customer under investigation is sending payments to, are they connected to any other suspicious people, and so on. With a relations analyzer, the previously boring work of sifting through thousands of excel rows and trying to find connections between the payments and customers becomes easier and faster than ever. All observed activity can be documented and reports produced automatically on a scheduled basis.
Anti Money Laundering Platform Complementary Solutions
Furthermore, Anti Money Laundering Platform provides native integration with all our other solutions, unlocking a world of advanced functionalities.
Anti Money Laundering Platform license or SaaS commercial models
We cater to the broad spectrum of organizations, from large and established banks to small and nimble startups.
Regardless of how well-established is your organization, you can take advantage of Anti Money Laundering Platform – just start with SaaS installation and as your business grows, you can always switch to an in-house license later.
System migration from SaaS to in-house is seamless, thanks to configuration management features that allow you to migrate system configurations from one installation to another with only a few clicks.
Anti Money Laundering Platform Success Stories
Delivering an AML SaaS solution for a UK startup
In late 2022, a UK-based startup was looking for a KYC, Risk Scoring and Payments monitoring solution vendor, who could supply such a system under SaaS model. Our client chose D8 due to our flexibility and willingness to offer SaaS commercial model.
Project results:
✔︎ Full compliance with FCA requirements for screening & reporting
✔︎ Successfully avoided upfront CAPEXes with the SaaS model
Helping a known Georgian bank to automate their KYC process
In 2022, a known bank in Georgia wanted to streamline their KYC process and automate customer risk scoring, aligning with the stringent regulatory standards set forth by FMS Georgia. Our client chose to work with D8 due to our track record in the Georgian market and familiarity with the FMS Georgia requirements.
Project results:
✔︎ Launched an automated KYC process for all new applications
✔︎ Launched risk scoring and periodic re-scoring of all customers
Helping a prominent banking group in Georgia to optimize AML screening processes
In 2022, a leading banking group in Georgia sought out D8 to address their need for an effective solution to enhance AML screening processes. Our client chose D8 among other contestants due to our excellent reputation in Georgia and previous track record of successful AML solution implementations.
Project results:
✔︎ Launched an automated KYC processing for all new applications
✔︎ Launched a continuous monitoring of all payment activity with customers’ accounts