Is your AML program fully automated? 4 reasons why it should be.
Picture source freepik.com/free-photo/zoom-out-home-office-with-monitors-stock-market_21017076.htm
An automated software solution to combat anti-money laundering (AML) is essential for financial businesses today. Money laundering is a significant risk that organizations face, and it can have huge implications on their profitability and reputation. With an automated software solution, organizations can widen their scope to known market manipulation techniques and ensure that their operations comply with AML regulations.
Are you trying to manage AML manually?
Even in this digital era, many financial businesses use manual processes and content to monitor and detect criminal activity. These methods become challenging for many reasons.
It limits the scope of transaction assessment
Lacks a systematic approach to data sources, including news and sanctions lists
Increases risks
“Technology also enables more in-depth forms of customer monitoring beyond just transaction and unusual activity monitoring”
4 reasons why you should fully automate your AML efforts.
1) Many AML solutions use intelligent technology such as Artificial Intelligence (AI) or Machine Learning (ML) to help detect suspicious transactions, analyze information, and identify any attempts to launder money. It can also monitor customer accounts and Watch Lists, detect anomalies and notify you of any activity possibly linked to criminal activity.
2) Provides organizations with detailed reporting using Business Intelligence (BI) visualization and dashboards on transactions, enabling them to track and quickly respond to suspicious activity.
3) Helps organizations comply and demonstrate due diligence with AML regulations. It can automate compliance processes so businesses stay on top of their responsibilities and meet all the necessary regulations.
4) Reduces money laundering risk. By providing comprehensive oversight of transactions and monitoring accounts, organizations can reduce the risk of money laundering and ensure that they operate within the law.
Overall, having an automated software solution like EQube to combat AML is essential for any financial business. EQube features all the benefits mentioned above and more. It facilitates transaction monitoring, investigation, and submissions, so your organization remains compliant with regulations and reduces the risk of money laundering.
Learn how EQube for AML can help you. Contact sales@dbcomsys.com