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Effective AML Tracking and Reporting with AML-TRACE

Effective AML Tracking and Reporting with AML-TRACE

Any business that engages in good financial transactions needs to have security and regulations. Most businesses are already highly monitored and regulated to keep the money laundering risks at bay. Since the possibility of money laundering cases is increasing, criminals are finding new ways to barge into financial systems. 

Furthermore, accurate AML Reporting is becoming a challenge, considering the vast criminal networks. With such financial threats and risks hanging over our heads, conducting a manual AML compliance audit would be expensive and inaccurate. Then, there’s always the risk of human error. 

AML-TRACE is sophisticated, AI-backed software that offers compliance officials valuable insights across the enterprise. If not manual, it is AML-TRACE. 

The software validates client credibility, keeps a tab on illicit activities, and provides maximum security against organizational reputation to maintain compliance audits. It also helps the stakeholders increase the company’s market share. 

Benefits of AML Tracking & AML Reporting Using the Software

AML reporting and AML tracking yield unexplainable benefits for organizations. Financial institutions and companies absorb multiple perks of automated and accurate AML reporting.

Let us have a look at a few listed advantages-

  • Offers Accurate Data for Risk Assessment

AML-TRACE adopts a risk-based approach and advanced detection methodologies to investigate and report suspected money laundering and terrorist financing activities. It works as an AML compliance analyst so that the company adheres to current and emerging AML regulations. Conducting everything with a vivid and transparent view of financial activity and customer risk. The software helps assign risk scores to all clients- Low, High, and Very High. Accordingly, the concerned authorities increase Customer Due Diligence and Enhanced Due Diligence levels. Eventually, the officials undertake investigations at reduced costs in a streamlined manner once they are familiar with the intensity of risk associated with different activities. 

  • Helps Your Firm Glide Through AML Compliance Audit 

AML-TRACE provides automated, comprehensive, and consistent surveillance of all accounts, customers, correspondents, and third parties in transactions across all business domains- banks, insurance companies, brokerage firms, and many more. When customer transactions are tracked daily, historical customer data is constantly updated. This provides the auditors with a holistic view of all transactions & client activities that helps in AML compliance audit. 

  • Detects Potential Financial Fraud

AML-TRACE lets the regulators and key stakeholders get a 360-degree view of all customer financial activities. It is a unified compliance platform that reveals all aspects of customer risk to financial institutions. For example, a bank can use the one-time installation software to identify potential criminals across all customer lifecycle stages. Company officials can view the dashboard to access customer data. Moreover, AML-TRACE can be deployed on-site and on Cloud to identify money laundering or terrorist financing threat for the authorities to take timely action and create obstacles in the well-strategized money laundering act. 

  • Can Be Quickly Deployed 

The software’s risk parameters can be configured as per various business needs. It recognizes that there is no one-size-fits-all solution to AML reporting and tracking. Besides, it can be quickly deployed and does not need to be re-engineered repeatedly. Through AML-TRACE, single and complex fraud events can be identified through correlation across several business parameters. The AML compliance analyst gathers critical information about the potential risks and accesses software parameters to manage them effectively. 

  • Organizations of All Sizes Can Deploy the Software

Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs) are rapidly generated through the AML tracking and AML reporting mechanism of AML-TRACE. It evaluates and assesses scores on customer data in real time so that the stakeholders can make quick decisions regarding the holding or release of transactions. As negative events are identified earlier, more losses are averted, and the firm falls in the high-performing companies' league.

  • Is a “Future-Proof” Compliance Software

Backed with a robust fraud prevention capability, the solution performs the role of an AML compliance analyst who provides end-to-end compliance solutions relevant today and in the times to come. AML-TRACE records client data containing operational inefficiencies. The company audit professionals analyze this information to assess the risk of non-compliance and increase in overall compliance costs. It addresses future risks and accordingly intimates the stakeholders to undertake compliance initiatives.

  • Gives Your Company the Competitive Advantage

Leverage the power of existing business, functional, and technological components to improve the consistency and effectiveness of customer data, increase business performance, reduce the time taken in carrying out operations, and strengthen your company’s competitive advantage with AML-TRACE. The software is focused on elevating the functioning of businesses and combating financial risks altogether. AML-TRACE effectively gives a competitive edge to your company.  

Suspicious Activity Reports (SARs)

A Suspicious Activity Report is a document that all financial institutions need to file with the Financial Crimes Enforcement Network for suspected financial fraud or money laundering. 

SARs reveal data specifying activities within finance-related industries that are a precursor of illegal activity, deemed out of the ordinary, or threaten public safety. The criteria for providing such a report varies from one country or one institution to another, depending on the nature of the suspicious activity and the particulars of the bank. 

Suspicious Transaction Reports (STRs)

These reports are demanded by the regulatory authority from banks and other financial institutions to take corresponding penal action against the erring parties. 

Let us dive into the list of entities that are supposed to file STRs-

  • Life insurance companies, brokers, or agents.
  • Financial institutions like credit unions, banks, trust and loan companies, etc.
  • Portfolio managers, securities dealers, and investment counselors who are authorized in their province.
  • Money services businesses, including alternative remittance systems and foreign exchange dealers.
  • Accountants and accounting firms while carrying out particular activities on behalf of clients.
  • Real estate brokers or sales representatives act as agents regarding selling or purchasing real estate.

How is AML-TRACE Your Best Pick?

With AML-TRACE, you will no longer get high volumes of wasted alerts (false positives). As a result, you will deal once and for all with the problem of escalating costs, and your company will fit nicely into the AML ecosystem. As you precisely detect threats and thoroughly monitor all customer accounts with AML-TRACE, you reap the benefits of an AML compliance audit suite. All in all, it is an effective AML tracking and AML reporting software that helps you stay a step ahead of criminals always.  

So, if the customer onboarding process is becoming a tedious check-the-box exercise for your officials to assess risk, it’s time that you harness the power of AML-TRACE. Does your business come in the category of Designated Non-Financial Business and Professions like real estate, audit firms, legal firms, dealers in precious metals and stones, etc.? 

With AML-TRACE, you easily collect, maintain and analyze your KYC data, automate workflows and maintain regulatory compliance until the business operates.

If you wish to know more about AML-TRACE, reach out to our experts.