Reliable AML Software for Transaction Monitoring

Reliable AML Software for Transaction Monitoring

AML-TRACE is the one-stop solution. Know in detail why you absolutely need the software to minimize your organization’s financial risks.

All companies need to monitor client transactions to get an idea of & keep a check on money laundering activities transaction monitoring solutions. Besides, they need to satisfy AML/CFT compliance requirements. If they fail to do so, strict penal action is taken against them.


AML transaction monitoring can be done. But that is very time-consuming & resource-intensive as firms need to collect & analyze large amounts of data. Besides, there is always the risk of human error, which can prove harmful to the company.


This is where the AML-TRACE transaction monitoring software saves the day. It helps the stakeholders save time in collecting & analyzing data. Further, it removes the chances of human error & thus, increases the accuracy & efficiency & and efficiency and enhances a firm’s compliance performance.


Other benefits of the transaction monitoring feature by AML-TRACE:

1. Detecting suspicious activity

This is done every time a customer interacts with the company’s services.


2. Minimizing false positives

AML-TRACE provides procedural efficiency & accuracy, thereby minimizing false positives.


3. Easy to install

No extensive training or technical knowledge is required to install AML-TRACE. The software has high usability in terms of ease of installation & implementation of transactions. 


4. Helps prioritize tasks

The transaction monitoring software ensures the automatic management of firms’ regulatory priorities. Thus, customers can be categorized into risk tiers. 


5. No need for technical support

It is a highly adaptable solution as it can be easily adjusted for various regulatory environments & risk levels without any technical support. 

6. Credible solution

The tool has been used by many businesses whose stakeholders have reported its excellent performance during audits & investigations. 


Suspicious Activity Reports

These mention the names, addresses, social security or tax IDs, birth dates, passport numbers, driver’s license numbers, & occupations & phone numbers of all parties involved in the illegal activity.


Suspicious Transaction Reports

These have:

  1. The personal details (as specified in the SARs) of the person(s) or business involved in the suspicious transaction
  2. The reason that makes the transaction suspicious & details of the activity
  3. The explanation (if any) given by the involved parties about the transaction.

Factors affecting the software’s automated AML response:

  1. The range of operations of a company, including geographical diversity.  
  2. The scale, nature, and complexity of the business.
  3. The number and volume of distribution channels & the size of transactions.
  4. The amount of risk associated with every area of business operation. 
  5. The company’s product, customer, & activity profile.
  6. The extent to which the company deals directly with a customer or through intermediaries, correspondents, third parties, or any other non-face-to-face access.

What classifications can be made in transaction monitoring solutions?

  1. The volume of transactions over a specific period
  2. Transactions over and above a particular threshold
  3. Transactions including individuals on an international sanctions list
  4. Unusual customer account behavior
  5. Transactions having the involvement of high-risk countries 
  6. Transactions involving Politically Exposed Persons
  7. Transactions not matching a customer’s risk profile
  8. Adverse media involving a client that may indicate a change in their risk profile.