The usage of anti money laundering software should be part of a larger AML compliance programme and applied as part of a risk-based approach to a financial institution's specific profile. Some upcoming trends in this sphere are given below.
- Resolution of issues related to digital payments
- Utilization of third-party services
- Risk-based approaches vs. conventional approaches
- AML analytics through social media
Types of Anti-Money Laundering Software
Anti money laundering software solutions (AML software solutions) employs technology to assist legal and financial organizations in meeting legal criteria imposed by financial authorities in order to detect and combat money laundering. There are four basic types of software that address anti-money laundering: transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems and compliance management software.
Compliance Management Software -
AML compliance management software is a tool that tracks, monitors, and audits whether corporate processes are in compliance with applicable laws, organizational policies, and consumer and business partner expectations.
Transaction Monitoring Software -
These software solutions successfully monitor bank customer transactions on a daily basis and provide a ‘complete picture’ to bank management using customer history information and account profiles.
Customer Identity Management Systems -
CIMS offers the following features: Sanctions Screening & Sanctions List Check, Politically Exposed Person (PEP) Check, Fraud Detection System, False Positive Recording Single Scan and Batch Scanning, Auditing and Reporting.
Currency Transaction Report (CTR) -
A currency transaction report is a bank form used to prevent money laundering. CTRs compel institutions to verify the identification and credentials of anyone trying a big transaction, regardless of whether or not the person has an account with the institution, in order to avoid financial crimes.
Effiya Money Laundering Investigation Software : Best-In-Class Solution
Effiya Technologies provides AML compliance software which has a sophisticated decision-engine where AML rules can be easily configured by the relevant customer teams. It has a proprietary ML based analytics-engine, which is custom-built to manage the alerts, based on historical trends and customer profiles.
The exclusively built AML check software effectively enhances money laundering investigation using data analytics, AML analytics and listing of international databases. Effiya product can be used as AML software for banks, financial institutions, exchange houses and fintech firms.
It delivers the key benefit of reducing false positive alerts by as much as 25%, thus automating the manual work of the investigation team. The interventions include deep learning of your past investigation patterns, alert scoring/prioritization, threshold fine-tuning, segmented scorecards for customer risk profiling and visual investigation for network analysis.
Key Features of Effiya AML Software
- Machine Learning based Analytics Engine
- Proprietary and patented solution
- Real-time AML screening software
- Flexible modular design
- User-friendly interface