Anti-Money Laundering Solution (AML)
This Anti-Money Laundering Solution lets you monitor transactions by creating global and account level profiles. The trade blotter is primarily used to classify transactions. Suspicious activity can be mapped to historical transactions to identify trends.
RCI’s AML Solution Satisfy Prevention of Money Laundering Act, 2002 (PMLA) with key benefits:
- Anti-Money Laundering Rules & Alerts, resolution.
- Case manager and evidence archiving.
- Identification and Reporting of suspected transactions to FIU-IND electronically.
Money Laundering creates the following challenges for compliance officer:
- Isolate unusual activity and prioritize most likely suspects
- Handle high volume transactions and multiple relational categories
- Demonstrate due diligence in the area of compliance
- Case Manager lets a compliance officer review the details of the case and then decide whether the match is Suspicious by logging research action and notes
- eRules enables setting up and configuring database driven rules via global and account level profiles
- Comprehensive reporting capabilities with manual suspect reports providing additional case building evidence
- RCI’s Anti Money Laundering (AML) Solution lets you create global and account level profiles to monitor various aspects of transactions.
- Trade Blotter is primarily used to classify transactions. Suspicious activity can be mapped to historical transactions to identify any trends. This solution can integrate with a case manager to track suspicious activity.
- Captures unusual Activity and identity suspicious behavior using historic, transactional, real time and external sources. Comprehensive reporting capabilities with manual suspect reports providing additional case building evidence.
- Risk Assessment
- Customer enhanced due diligence
- Independent Testing
- Money Laundering Investigations
- Regulatory Remediation
- Program Development and Implementation
RCI’s Anti-Money Laundering(AML) Solution will give you the ability to detect and effectively manage the threat of money laundering while enabling you to meet your compliance obligations.
• Provide greater visibility into all possible suspicious and illegal activities that may affect a firm’s business and customer relationships
• Protect your firm’s reputation by detecting potential Money-Laundering activities quickly and addressing them instantly. When money laundering is detected too late, the damage to a financial institution’s reputation from negative publicity is often irreversible
• Avoid losses resulting from stiff penalties from noncompliance by detecting and preventing possible money-laundering activities before they occur
|Alert Manager||List of All Alerts Available in the System|
|List of Alerts Where Research In Progress.|
|List of Alerts Where Research is Completed and Decision is Pending|
|Case Manager||List of Alerts Converted to Case|
|List of Alerts where OFAC (SDN, ALT, ADD) Check needs to be performed|
|List of Alerts where CIP (US Watch Lists, International Watch Lists & ID Verification) Check needs to be performed.|
|Prepare Suspicious Activity Report (SAR) FinCEN Form 101|
|Profiler||Global & Custom Profiler – Create / Edit Rules based on transaction frequency, volume & category|
|Monthly Calendar View of Rules’ Execution Schedule.|
|Real-Time Transaction monitoring.|
|Data Load||Daily Customer Load|
|Daily Transaction Load|
|Latest news on Money Laundering|
|AML Alerts on Mobile|
(1) Financial Intelligence Unit – India (FIU-IND)
For FIU-IND compliance, data for use by the following will be generated:
• Electronic Data Format – Suspicious Transactions
Data Warehouse provides enhanced reporting. Key out of box report includes:
|Global Profiler Rules|
|Custom Profiler Rules|