InfrasoftTech offers the next generation Anti Money Laundering (AML) solution to meet ever evolving compliance requirements, with new sophisticated fraud detection and prevention techniques. The advanced solution includes monitoring & investigating capabilities for fraud scenarios across customers, employees, agents and businesses.
We, as one of the leading forerunners in providing fraud investigation and preventive solutions, have formulated an advanced and enhanced version of anti-money laundering solution named as AML NG (New Generation). AML NG is targeted towards scrutinising advance frauds and management of risks and alerts.
AML NG comprises of renewed approach to frauds as it has improvised the features such as Advance analytics Rule Based Engine (RBE) & SDN check, dynamic configuration, transformed dashboard, customer management, FATCA reporting and case management.
1. Enhanced Dashboard
Enhanced dashboard with user customised graphs which can increase decision making. The dashboard is lighter and users can perform required actions faster. The dashboard has new data sorting logic which allows the users to view current alerts, alerts based on customer risk scores and risk severity.
The dashboard can be customised to view alerts on the basis of the centralised or de-centralized approach to work on alerts, additionally, the dashboard can be set to view results or set desirable actions for the same based on specific roles.
This version has graphical enhancement pop-ups with one click mode that will enable clients to visualise many graphs at one go without taking much space in the dashboard. A lot many options for drilling down into further details of the customer information and details, along with refresh functionalities for individual portlets on the main dashboard. The dashboard enhances with a perfect combination of anytime configurable quick links to be used as shortcuts.
2. Legacy System Data upload
AML NG has the flexibility of defining legacy data fields from the front end of the system. The field level mapping for Customer KYC, Customer Address, Policy Details, Financial and Non Financial Transactions, Other Legacy system data etc can be modified for ever changing business needs.
Data from new legacy systems can be added in the AML NG environment without any technical support
The AML NG system can be updated with evolving compliance KYC and CDD requirements
Existing mapped data fields can be modified as per the requirements at the client level.
3. Screening
AML NG has enhanced capabilities for Customer Identification process. We have introduced new algorithms for scanning i.e. improved phonetic and fuzzy logic algorithms to give a better match, in addition to the already existing scanning capabilities.
Additional capabilities like matching the word matched shall also be available in the system.
Enhanced search touch points – The system screens customer KYC details such as Customer name, Date of birth, Nationality, Identification values such as Aadhar Card No, PAN Card No, Passport No, Mobile No’s etc. Customer Relationships such as Joint Policyholders, Beneficiaries and other relations
Enhanced search criteria’s – The system scans through Watchlist names, Alias names, Sub Categories (specific to each sanction list)
Enhanced search results – The system uses advanced fuzzy logic and in-house built algorithms for more accurate searches and reduced false positives. The improved technology dwells results faster which reduce time to perform forward and reverse scanning.
Enhanced List Maintenance – The system is capable of uploading watch lists/blacklists like WORLDCHECK, Dow Jones, ACUITY, European Union, United Nations, Her Majesty Treasury etc. Most of the lists can be incorporated with automated maintenance techniques. Each list can be maintained with different screening thresholds. Internal lists can be maintained by simply uploading the lists from the front end of the system (Complete list or in Incremental form).
4. Onboarding
The solution also caters to end-to-end onboarding with defined masters for different fields to be captured during the onboarding process. The on-boarded customer shall be risk-graded, checked FATCA compliance and screened against the sanctioned list all at the same time.
Enhanced on-boarding capabilities – The system can provide a solution to screen customers, customer relations, agents and other business partners against watch lists/blacklists or perform customer de-dupe checks at the on-boarding stage.
Enhanced on-boarding touch points- The system can integrate with Face to Face on-boarding systems, where the on-boarding users can conduct real-time screening and risk scoring of potential customers, agents or other business partners. The system can also intelligently integrate with non Face to Face on- boarding systems where they systems can exchange information on real-time and based on scoring techniques the on-boarding decisions can be made.
5. Customer Risk
The customer risk rating parameters can be configured from the front-end of the system. The system also supports upload of risk rating parameters in a specified format.
Enhanced logic to assessing final risk score to the customer based on system calculations, user defined risk scores or any other exceptional logic desirable by the financial institution.
Scoring of potential customers, agents or other business partners. The system can also intelligently integrate with non Face to Face on- boarding systems where they systems can exchange information on real-time and based on scoring techniques the onboarding decisions can be made.
6. Dynamic Scenario Creation
The AML NG supports scenario creation from the front end of the solution. Scenario creation is Java based and configurable using aggregators, multiple operators and threshold conditions. The scenarios can also be classified into Customer types, agents’ types, rule severity types etc.
The user can view the violated results of the dynamically created scenarios before deploying them to dwell system alerts. The main scenarios can be modified for specified parameters and also be simulated with additional conditions.
7. Alert Exemption logic
Enhanced exemption logic incorporated to white list certain financial and non-financial activities of customers. The system has capabilities to enable and disable scenario alerts for specified customers. The system also has the capabilities to display the list of expired exemption logic.
8. Enhanced case management
The case hierarchy has been enhanced and can be set using rules. Users can be mapped for case escalations based on case workflow logic as desirable by the financial institutions. The additional feature includes cases merging at customer levels, Re-opening of cases and revoke cases which are not suspicious.
9. Reports
Enhanced report building logic which includes the creation of dynamic reports using data from legacy systems and data generated from the AML NG system. The reports can be built using the front end of the system. Regulatory reports required fields can be pre-populated using data from legacy systems and additional filed captured at AML NG case creation stage. Regulatory reports can be classified as ‘re-reported’.
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