Anti-money Laundering Software
Solution For the Banking Industry
Consumers want convenient digital channels for signing up and creating accounts, but financial institutions must comply with stringent anti-money laundering (AML) and Know Your Customer (KYC) regulations from governments and international and local legislation.
Banks have to balance between customers’ demands and legislative obligations in AML and Terrorism financing to avoid becoming a link in a criminal chain. They seek to increase enrollments of new accounts through easier, faster, and lower-cost digital channels. Yet, the current legal regulatory and cybersecurity landscapes create security barriers that require financial providers to cater to safety while still satisfying clients with AML software companies‘ assistance.
With the odds of catching financial scammers already a challenge, imagine having to detect money laundering without the help of technology and AML software vendors. Lots of manual work with large datasets, inefficient searching and analysis approaches can be instantly replaced with anti-money laundering software solutions developed by RNDpoint’s team.
Anti-money laundering software features
AML software solutions help financial institutions implement their anti-money laundering strategies. Its application may range from data management and procedural filtering to predictive analysis and machine learning (ML), making it a diverse solution.
RNDpoint’s anti-money laundering software for banks is used to monitor and flag large-scale suspect activities involving high-value assets or smaller, individual transactions. Our specialists can offer you custom build AML monitoring software. Moreover, the best AML software for banks TONBELLER Siron® from FICO® – one of the leading anti-money laundering software vendors – can be implemented.
If you’d like to learn more about our AML and FICO expertise, read these articles which dive deeper into the issues:
Why is AML software important for banks?
AML software is often an integral and indispensable part of a financial institution’s AML strategy because of the complexity of the legislative landscape in which that institution operates. The obligations of regulatory compliance, imposed by anti-money laundering and counter terrorism financing (CTF) legislation, generate vast amounts of data relating to individual customers and transactions. It is far beyond the capacities of human AML officers to manage these data volumes.
RNDpoint’s team will develop and implement AML software to process these data amounts efficiently and accurately. Our tools do so by filtering information for AML officers and assisting them in obligations to their institutions and the financial authorities.
Anti-money laundering software solutions for banks cover critical spheres of AML activity, such as:
- name screening;
- transaction monitoring;
- currency transaction reporting (CTR);
RNDpoint’s team can offer AML software either for each sphere separately or create a tailored all-in-one solution.
AML screening software
In certain countries, there are “blacklists,” “whitelists” or other lists of politically exposed persons (PEPs) who are high-risk customers and entities (the United State’s Specially Designated Nationals List, for instance), which financial institutions are prohibited from doing business with. After implementing RNDpoint’s anti-money laundering software solutions, your AML officers can quickly and effectively identify blocked persons and flag them to your institution.
With the help of AML screening software, in addition to identifying people under sanctions, it is also possible to identify Politically Exposed Persons (PEPs) and individuals who receive adverse media attention.
PEPs present a higher risk of being involved in bribery and corruption by virtue of their position and their influence. That is why there is a need to conduct separate checks against PEPs to protect your organization from exposure to financial crimes.
Using AML software allows you to undertake the following activities:
- politically exposed person (PEP) checks;
- sanction list checks;
- false-positive recording;
- fraud detection system;
- auditing and reporting.
AML transaction monitoring software
The transaction monitoring features in AML solutions and systems allow banks and other financial institutions to monitor customer transactions on a daily basis or in real-time for risk analysis.
RNDpoint’s anti-money laundering programs can combine this information with analysis of customers’ information and account profiles to provide financial institutions with a whole picture analysis of a customer’s profile, predicted future activity, risk levels, etc. They can also generate reports and create alerts for suspicious activity.
Implementing AML transaction monitoring software will allow you to execute:
- Know Your Customer (KYC) checks;
- customer due diligence checks;
- entity resolution;
- transaction monitoring;
- alert based case management;
- investigation tools;
- compliance reporting;
- customer-related documentation management;
- AML training delivery;
- automation of routine operating procedures.
AML software solutions, designed and implemented by our specialists, focus specifically on identifying suspicious patterns in customer transaction behavior, using historical information, and certain account profiles’ specifics. Another function of our AML software is to generate a Suspicious Activity Report (SAR) due to suspicious transaction monitoring. This makes understanding and access data so much more straightforward.
AML compliance software
To fight financial crimes, banks, credit unions, and other financial institutions worldwide are required to develop and put into practice anti-money laundering compliance programs.
All financial institutions should have a deep understanding of what goals the AML compliance program must achieve. Our team knows how to create a software solution to meet these requirements. That’s why compliance reporting is a critical feature of RNDpoint’s AML compliance software.
Anti-money laundering software can be used in the day-to-day implementation of compliance requirements or as a one-off check. RNDpoint’s AML software data management capabilities keep detailed records of employee training and scheduled audits, and track reports submitted to financial authorities. Ensuring your data is up-to-date when you need it.