The Challenge
AMLD6 is the 6th AML directive of the European Union that requires all financial institutions, government or commercial, within the EU to have automated monitoring and prevention measures set in place to combat the money laundering activity in the union. AMLD6 lists multiple specific requirements (for example, reporting about any suspicious activity within a certain timeframe, centralized and auditable storage of AML/CTF activity investigation cases, etc.), that are hard or impossible to meet without a specialized monitoring system.
Hence, the Treasury was looking for an AML/CTF monitoring solution vendor, who could supply a system that checks on all AMLD6 requirements. Treasury has conducted a public tender in which D8 Corporation’s offer won both in terms of functionality and price.
Solution We Offered
D8 Corporation offered the Anti Money Laundering Platform – our premier solution for KYC, onboarding, and ongoing payment monitoring (among other things). Anti Money Laundering Platform completely covers all of the AMLD6 requirements – from real-time monitoring and reporting of customer activity (the system can be configured to detect suspicious activity, block it, and produce a printable report – all in real-time) to sophisticated analytics tools that substantially increase the operational efficiency of AML department investigators.
We also supplemented our Anti Money Laundering Platform with the Dow Jones Politically Exposed Persons (PEPs) database. Thanks to that, the National Treasury is screening beneficiaries of all outgoing payments in real time. In this project, the National Treasury asked us to perform offline file uploads of the data purchased from Dow Jones. However, we are also prepared to migrate to API-based PEP checks at any time, using standard API calls of our platform.
The Results
- Solution went live early in 2022
- Treasury has successfully met all AMLD6 requirements
