Banking | AML & Regulatory

With money laundering mechanisms becoming more complex every day, implementing sound AML strategies is becoming one of the top priorities for any financial institution. This requires a holistic approach and a system in place that uses advanced analytics and data visualization as well as various external tools (Actimize, Mantas, etc.) to meticulously monitor transactional data and raise relevant red flags.

Banking – AML & Regulatory Compliance

Today, anti-money laundering (AML) within financial institutions is an integral part of their core business. As financial data flows become more complex, choosing an effective strategy has become a top priority for financial institutions. This requires a business and technical approach in order to rely on expert systems in this field for monitoring, detection, and alert processing.

In constant transformation, financial institutions have always been subject to attempted attacks and frauds by criminals for financial gain, based on illicit activities in financial systems.

With the acceleration of transformations, financial institutions (FIs) have always been a magnet for criminals who try to introduce money from illicit activities into the financial system. Money laundering and terrorist financing, in addition to threatening the financial sector and the external stability of a country, pose a considerable risk to the reputation and money of financial institutions.

Compliance with regulatory requirements involves several key areas, including customer screening, know-your-customer (KYC) and customer due diligence (CDD), transaction and fraud monitoring, suspicious activity reporting (SAR), and currency transaction reporting (CTR).