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IDBI Intech

IDBI Intech

ROLE OF ANTI-MONEY LAUNDRY SOFTWARE IN STRENGTHENING THE FINANCIAL INSTITUTIONS

Financial institutions use anti-money laundering (AML) software to check for suspicious transactions and analyse customer data. Customer data is filtered, categorized according to the level of suspicion, and inspected for anomalies by anti-laundering systems. A sudden and significant increase in funds or a significant withdrawal are examples of these anomalies.

AML is a particularly difficult area of regulation for banks, and it is considerably more difficult for large, geographically varied institutions. Massive regulatory fines may be imposed for failing to have sufficient processes. One of the main issues the financial services sector is dealing with is the unintentional use of the banking system for money laundering activities.

To stop and detect such acts, regulatory agencies have put anti-money laundering (AML) measures in place. Banks and financial institutions must put in place an efficient compliance strategy, as well as the proper tools and procedures, in order to comply with these rules. IDBI Intech provides an effective, scalable, real-time, platform-neutral anti-money laundering solution.

FUNCTIONAL OVERVIEW

Transaction Monitoring
• Comprehensive Rule Library
• Risk scores derivation for alerts
• Supports Real-Time and Batch-Mode alert generation process
• Rule Creation and Updation
• Workload Management• False Positive Reduction
• Real-Time screening of wire-transfer

KNOW YOUR CUSTOMER (KYC)

• Creation of data repository
• Customer risk categorization
• Integration of Negative List
• Identify & Screening Ultimate Beneficiary Owner
• Identifying key missing information
• Online screening of PEP, Adverse Media Coverage, UN OFAC etc.
• 360 degree view of customer related information

CASE MANAGEMENT

• Comprehensive case management
• Workflow creation
• Integration with Email & SMS gateway
• TAT monitoring
• False-Positive Reduction

ADMIN, REGULATORY REPORT & MIS

• Creation of Regulatory – STR (SAR), CTR etc.
• Creation of internal note and Graphs & MIS reports
• Integration with AD for authentication, Schedulers and Real-time report generation
• Access controls and Leave Management
• Audit trails and User Management & System parameter settings

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