With the growth of financial technologies (Fintech), the Regtech industry is also growing. Anti-Money Laundering Software helps to ensure the legal requirements of organizations at risk, especially financial institutions, in the field of AML. Anti-Money Laundering Software plays an effective role in detecting and preventing financial crimes.
Black money has a very secret and complex structure. Every year, billions of dollars of money are laundered in various ways. Laundering proceeds from crime channels leads to the growth of criminal gangs. Local and global comprehensive regulatory agencies have been established as a result of black money's enormous risks. Regulatory agencies aim to prevent financial crimes by regulating and overseeing organizations at risk. Therefore, organizations must provide obligations.
In today's technology world, traditional and manual methods have lost their functions in the fight against financial crimes. Criminals are developing a new method of money laundering day by day. Organizations using traditional and manual methods remain vulnerable to financial crimes. Also, these organizations are punished during the inspections carried out by the regulators. AML compliance software makes organizations' AML control processes faster and safer.
Anti-Money Laundering software helps organizations control their customers faster and safer.
Customer Onboarding
In accordance with international AML regulations, financial institutions and other liable institutions have to make some checks on customer account openings. Organizations are required to fulfill their Know Your Customer and Customer Due Diligence obligations when opening a customer account. AML compliance software speeds up organizations' Customer Onboarding (KYC onboarding) processes. It's also called client onboarding. Organizations check their customers on sanction lists, wanted lists, and PEP lists. With these controls, the customer risk level is determined within seconds.
Customer Monitoring
Regulatory bodies require organizations to check their customers regularly. The risk levels of customers may change over time. Organizations need to check their customers regularly to avoid this risk. Organizations can regularly check their customers with AML software. Companies can reduce the workload by using AML software during customer monitoring processes.
Millions of financial transactions are carried out through financial systems throughout the day. Since financial crime can be committed through financial transactions, financial institutions should control financial transactions. Organizations control the receiver and sender in the money order and payment transactions of the customers within seconds with AML software. If the receiver or the sender in the financial transaction is detected in various lists, the software generates an alarm and the transaction is stopped. AML software creates reports and organizations forward these reports to the competent authorities.
Transaction Screening Software
AML software provides a Transaction Monitoring Software feature. Transaction Monitoring strengthens organizations' AML programs. Transaction Monitoring Software enables the customer to detect the customer's unusual transactions based on his past information, level of risk, and various data. Financial institutions can detect suspicious transactions with transaction monitoring software.
AML Transaction Monitoring Software
Sanction Scanner is an AML compliance software. Sanction Scanner provides Sanction & PEP Screening services. Organizations can meet AML requirements with real-time and global comprehensive data from Sanction Scanner. Sanction Scanner provides powerful API support. With your own project, you can integrate Sanction Scanner in minutes. Organizations automatically perform all control processes and reduce workload with the API. There is no installation fee and a license fee in Sanction Scanner. Organizations only pay per query. You can contact us to get information about our AML solutions developed with artificial intelligence.
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