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Effective AML Tracking and Reporting with AML-TRACE

Effective AML Tracking and Reporting with AML-TRACE

All businesses offering financial services continue to be highly monitored and regulated. But as the number of such services increases by the day, criminals are finding newer ways to launder money. Further, accurate AML Reporting is becoming challenging considering the vast criminal networks. In such a scenario, manually carrying out an AML compliance audit is an expensive process, both in terms of time and money. 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. 

It validates client credibility, keeps a tab on illicit activity, and provides maximum security against organizational reputation. As such, it helps the stakeholders increase the company’s market share. 

Benefits of AML Tracking & AML Reporting Using the Software

  • 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 your company adheres to current and emerging AML regulations. All this while giving a 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 the levels of Customer Due Diligence and Enhanced Due Diligence. Eventually, the officials undertake investigations at reduced costs in a streamlined manner.

  • 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. 

  • Detects Potential Financial Fraud

AML-TRACE enables the regulators and key stakeholders to 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.

  • 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 tracking and AML reporting. 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.

  • Organizations of All Sizes Can Deploy It

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. Company auditors analyze this information to assess the risk of non-compliance and increase in overall compliance costs. It addresses future risk 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. 

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. 

Which entities need to file STRs?

  • Life insurance companies, brokers or agents.
  • Financial institutions–credit unions, banks, trust and loan companies, etc.
  • Portfolio managers, securities dealers and investment counsellors 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 acting as agents regarding the sale or purchase of real estate.

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, in effect, 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 always stay a step ahead of criminals. 

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–Real Estate, Audit firms, Legal firms, Dealers in Precious Metals and Stones etc.? You, too, can use AML-TRACE to keep the regulators happy and minimize your firm’s money laundering risk. What’s more? With AML-TRACE, easily collect, maintain and analyze your KYC data, automate workflows and maintain regulatory compliance until the business runs operations.

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