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Real-Time, Tamperproof Customer Screening Made Possible with AML-TRACE

Real-Time, Tamperproof Customer Screening Made Possible with AML-TRACE

A business is as devoid of financial fraud risk as its customers. The payments made by clients constitute the primary form of revenue for a company. Thus, stakeholders need to keep tabs on how the company deals with customers.

AML-TRACE is over a decade-old AML PEP screening software used by all kinds of companies to minimize their financial fraud risk. It is an easily configurable compliance system that performs AML name screening to fulfill the firm's AML regulatory obligations effectively in time. 

  • INTEGRATE EASILY

Reap the benefits of this seamless AML customer screening software that easily integrates into your existing client KYC processes. 

• Turnkey, AI-backed AML solution.

• Manage user roles & authority levels for clearing individuals in the watchlist.

  • DETECT INSTANTLY

View violators flagged for suspected anti-money laundering or terrorist financing activities in the dashboard.

• Review history & perform score-based risk analysis.

• Prioritize entries that need further investigation.

  • SEARCH EXTENSIVELY

Automatically screen a customized list of users with advanced search capability.

• Provision of unlimited checks and re-runs against the AML customer screening software database.

• Efficiently aggregate data with daily updates to all sanctions, PEPs, and watchlists.

  • REPORT ACCURATELY

Get tamperproof records of when a client is cleared and who cleared them for internal record keeping & compliance.

• Standardized management of risk reporting.

• Due diligence process carried out in line with the set regulations. 

Why choose AML-TRACE name screening software for Customer Screening?

  • Thoroughly Know your Customer

Client verification is crucial for all organizations to avoid financial crime risks. AML-TRACE adopts Robotic Process Automation to record and update Know Your Customer (KYC)/Customer Due Diligence (CDD) details, right from initial onboarding till the culmination of the client dealings.

This AML Sanctions Screening software combined with an automated risk scoring model throughout the customer lifecycle makes for a thorough and tamper-proof screening mechanism suitable for all kinds of businesses.

AML-TRACE also has an in-built feature for the Enhanced Due Diligence (EDD) investigation process for high-risk customers. This enables organizations to fulfill their KYC/CDD objectives while achieving regulatory compliance.

  • Screen against sanction and watchlist data

Relevant data is fundamental for accurate AML name screening to assess financial fraud risk. AML-TRACE uses the advanced Robotic Process Automation Technology to screen the names by matching them against the updated lists from UN, OFAC, EU, HM, and other subscribed commercial lists. The details of thousands of customers are screened in a few minutes through AML-TRACE.

You can also scan your customers with your alphabet through AML-TRACE. The software provides more comprehensive results by configuring the data it collects with AI-backed unique algorithms. The auditors can even control the customers’ financial transactions with various preferences such as Name, Identification Number, and Passport Number.

  • Reduce False Positives 

The makers of AML-TRACE built the PEP screening software, keeping in mind the problem of alerts for those red flags that are actually false positives. Thus, AML-TRACE, with its advanced features, reduces the business workload. 

  • Configure screening parameters as per business needs

With the help of the software, you can configure the screening parameters options either by Name Matching %, Date of Birth, Nationality, or a combination of all of these. Eventually, you can present all the potential matches for investigation.

  • PEP Screening 

As per the Financial Action Task Force, a person holding any public office or function is a Politically Exposed Person. So, before entering into a professional relationship with any such entity, businesses must perform Enhanced Due Diligence to minimize the risk of financial fraud. Besides, all their transactional activities should be continuously monitored. AML-TRACE helps the stakeholders carry out this diligence. 

High-risk clients need to be periodically checked for any crime. AML-TRACE helps you screen and monitor high-risk customers on Sanction and PEP lists, thus protecting businesses from non-compliance.

  • Re-evaluate customer risk

Ongoing customer screening is a process that helps re-evaluate customer risk and highlight any deviation in customer risk profile to the compliance officer.

Backed with cutting-edge artificial intelligence, AML-TRACE can be deployed on-site and on Cloud. This AML screening software can be used to mitigate financial crime risk and counter-terrorism financing (CFT) activities across Financial Institutions, Exchange Houses, Insurance Companies, DNFBP’s like Dealers in Precious Metals and Stones, Brokerage firms, Real Estate, Legal firms, Audit firms, and other industries.

  • Automate the control process

Using the Transaction Screening feature, automate and speed up the entire control process.  Using API support, deploy AML Sanctions Screening & integrate transactions within minutes. After integration, check the receiver & the sender in the AML data simultaneously while the money transfer is being processed.

Further, through automated Ongoing Monitoring, plan the control period as per the customers' risk profiles. All customer monitoring checks are automatically performed by AML-TRACE. As a result, this feature protects your businesses from risks of non-compliance & reputational damage.

  • Detect risks for your business

Every firm needs to screen their customers on their sanction lists to achieve local & global AML compliance. There are thousands of dynamic sanction lists worldwide. Besides, these sanction lists change very often. With AML-TRACE, businesses can automate the control of sanction lists.

What’s more? It even allows businesses to create custom search options based on their risk level and thus reduce false positives. Use AML-TRACE with in-built easy API integration to constantly add new lists, refresh lists every 15 minutes, and much more. Using the Adverse Media Screening and Monitoring feature, identify and protect your business against the crimes of money laundering and terrorist financing.

  • Remove the need for manual reviews

Accurately verify customer identity through the screening mechanism of AML-TRACE. Fulfill regulatory screening requirements without running the risk of human error while saving time. With a fully automated onboarding and ongoing monitoring process, empower your compliance team to make better decisions sooner.

Moreover, the AI-powered AML screening software matches algorithms. This gives you the flexibility to tailor the AML process to your unique risk appetite. Harness the power of AI and advanced machine learning algorithms to monitor thousands of sanctions and media lists automatically and quickly identify potential financial crime risks.

If you wish to know more, talk to us.