Anti-Money Laundering compliance: Great Wall Of Fintech

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Anti-Money Laundering compliance: Great Wall Of Fintech

February 23, 2023

Part 2

In a global landscape, effective AML solutions must deal with risk quickly and in strict compliance with national and international regulations such as:

The Patriot Act (for the U.S.)
The Bank Secrecy Act (for the U.S.)
FATF recommendations (for the EU)
EU Anti-Money Laundering Directives (for the EU)

Unfortunately, traditional approaches to AML remain time-consuming and costly, diverting company focus from core services and often frustrating customers.

Part One of our article “Anti-Money Laundering Compliance: Diligence Is Vital” is devoted to AML phenomenon and AML compliance. Read it to get the full idea of the subject.

In part two we concentrate our attention on AML software solutions and FICO TONBELLER Siron Suite particularly. If your company needs all-round defense in AML compliance, the solution will become an excellent assistant in it.

Anti-Money Laundering software finds needles in haystacks

If you do not want your company to be involved in money-laundry schemes and activities, an effective program of counter-measures should be applied. But to be completely on the safe side, your company needs extra protection. And anti-money laundering software solutions can help your company meet the challenge with dignity and armed to teeth.

The reality is that nowadays governments have largely outsourced AML functions to the banks. At the same time, governmental monitoring and regulation are very close and watchful. And unfortunately, AML officers in banks now are working with fewer resources than those who are trying to cheat. Think it over. Maybe such people in your company need some assistance to do their job effectively.

Artificial intelligence and machine learning may still be merely shiny objects in some industries. But in AML, the question isn’t what they can do for banks and the financial industry in 10 years, it’s what they can do for them now.

Systems already exist to automate the generation of alerts, the first step in identifying whether a transaction might be suspicious. Humans will ultimately still make the judgment call, filing suspicious activity reports only when they deem necessary. Machines aren’t taking over the critical work.

The obsession with the perceived promise of Big Data also distracts from solutions that are here and now. Instead, terrific results can be achieved with excellent Customer Due Diligence (CDD) and customized risk modeling. And those features are available today in affordable, comprehensive end-to-end AML software.

This is a revelation to a lot of financial institutions that are bombarded with problems and distant promises rather than ready solutions. Most organizations will never have the transactional data or the Big Data scientists or the Big Data systems to do that type of predictive analysis in AML compliance. And that’s a good thing because it’s overkill and it would cost a fortune.

FICO Anti-Money Laundering solutions or TONBELLER Siron is your all-round business defence

If you care to protect your business from money launderers all way round, FICO TONBELLER provides software and consultancy solutions for Anti-Money Laundering and Counter-Terrorism Financing.

Siron AML is the Anti-money laundering solution that effectively monitors customer transactions using specific research scenarios, historical information, and group profiles to identify money laundering activities.
Siron KYC is an end-to-end solution for managing business partner compliance throughout the whole partner relationship lifecycle. It also provides the opportunity to classify the risk score of new and existing partners, including audit-proof documentation.
Siron Embargo deals with counter-terrorism financing and satisfies all legal requirements for combating international terrorism through the freezing of assets. It real-time checks all transactions sender/receiver data and compares them with those of national and international sanction lists.
Siron RCC provides Compliance Officers with a clear overview of compliance measures that prevent financial crime and helps financial service providers visualize and control the measures to reduce risks in the fields of money laundering, risk analysis, financing of terrorism, and fraud.
Siron RAS helps compliance officers to create, monitor and update a risk analysis to adopt the mandated risk-based approach.
Siron TCR is a comprehensive, highly flexible solution that simplifies tax compliance. The identification process classifies customer and account data by CRS/FATCA relevance.

If you want to know more about FICO TONBELLER Siron Suite and its capabilities, watch the viseo below.

FICO TONBELLER Siron AML is money-laundry alert siren

With the FICO TONBELLER Siron AML platform, you are taking an important step towards updating and enhancing your company’s systems in order to comply with legislative regulations and safeguard them from illegal money trafficking cost-efficiently. The software monitors customers’ activities, investigates suspicious behavior and alerts the company accordingly.

FICO TONBELLER Siron AML is an end-to-end transaction monitoring solution that helps AML officers to easily keep up with new threats and comply with ever-growing legislative requirements in a cost-effective way. The distinguishing features of the product include:

Alert processing tools for false positives alert analysis.
Case management tools for scenario customization.
Rule editor that allows customers to modify the software according to the company’s strategies.
Workflow management for monitoring and control suspicious activity reporting.
Link analysis for more accurate and precise transaction money-laundry assessment.

It is not a complete list of functions that FICO TONBELLER Siron AML offers to its users.

Siron AML monitors customers, accounts, and transactions with pinpoint accuracy for suspicious activity to reduce the number of false positives to minimum. Besides, the solution provides users with additional benefits:

Security. Siron AML is delivered via a secure, SaaS-based delivery model, providing enterprise-grade data protection to organizations of all sizes.
Fast time to value. Enterprise AML application can be running on the fly, it doesn’t take months to install and tune it.
The low total cost of ownership. The solution focuses on core business operations while eliminating the recurring costs associated with software maintenance, application upgrades, technical training, and systems management.
Scalable on-demand. Siron AML is seamlessly scalable in terms of data capacity, performance, concurrent users, analytic complexity, and solution scope that adapts to changing needs and demands.

Conclusion

While businesses are under the governmental microscope in complying AML legislation, it is important to be on the safe side and safeguard your company from violating laws. The choice of a trustworthy software vendor and reliable AML solution is the highest priority task.

Take a close look at the problem to understand, that AML solution does exist. And FICO can provide your business with it. Invest little today to get large revenues tomorrow. If you’re interested in the AML topic, in Part One “Anti-Money Laundering Compliance: Diligence Is Vital” we describe the phenomenon and how to avoid severe financial and legislative consequences.