Anti Money Laundering:
Anti money laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions. Anti-money-laundering laws and regulations target activities that include market manipulation, trade of illegal goods, corruption of public funds and tax evasion, as well as the activities that aim to conceal these deeds.
There are many procedures, guidelines set up by Financial Action Task Force, International Monetary Fund. The onus to perform these procedures is on the Financial Institutions and not on the criminals and nor on the government. The banks that allow credit or open a new account has to investigate customers to ensure that they are not involved in money laundering. They must verify where large sums of money originated, monitor suspicious activities and report cash transactions exceeding the limits set by the Central Bank. The Financial Institutions also should report their finding and has to stop the illegal activities that they come across with their customers.
Finonyx’s Anti Money Laundering System enables Banks and other Financial institutions to improve their operational efficiency and compliance to AML Rules and regulations promulgated by the Central Bank. The system will continuously monitor the transactions in the bank so that it can detect any anomalies and alert the bank on any suspicious transaction. The system filters customer data, analyses it and inspect for any irregularities.
Finonyx’s AML System includes:
Know your customer solution: This utility helps the Banks to do due diligence processes, allowing the Banks to do customer onboarding centrally and leverage the data received from the customer to comply with the regulatory requirements.
Alert Remediation Service Solution: Finonyx’s Anti Money Laundering System deploys and reviews alerts to eliminate false positives. Politically Exposed Person screening and sanction screening is included so that the transactions across countries including the sanctioned ones can be screened and alerted or blocked.
Fraud Management: Finonyx’s AML system can monitor fraudulent activities by using predictive modelling, data analysis and leverages Finonyx’s understanding of complex fraud behaviour.
Finonyx can help banks and financial institutions to comply with regulations and improve their operating efficiency.