Anti Money Laundering Solutions
Combat Money Laundering by leveraging BANKiQ solutions
Augment your digital payments security arsenal with BANKiQ’s Intelligent Anti Money Laundering software solutions (IAML), which helps identify suspicious transactions by monitoring customer behavior data to detect unusual financial activities. Prevent money laundering and speed up compliance processes with BANKiQ’s IAML, equipped with an intelligent AI-ML based AML solution with prepackaged STR rules as per FIU – RFI advisory and automated STR reporting capabilities. Fortify your financial ecosystem, tackle high-volume Illicit transactions, and navigate regulatory obligations seamlessly with BANKiQ’s IAML.
Why Do Financial Institutions Require Anti-money Laundering Solutions?
Financial institutions require AML solutions for the following reasons:
With an estimation of 2-5% of global GDP, i.e., up to USD 2 trillion laundered annually, only 1% gets intercepted by authorities; thus, there’s a dire need for intelligent AML solutions to prevent illicit transactions, avoid penalities and meet regulatory standards.
AML operations are resource intensive, demanding a substantial amount of capital, labor and resources. With AML software for banks, you can optimize processes, reducing time and cost associated with manual AML operations and compliance.
Financial institutions face rising intricacies of regulatory demands such as Counter-Terrorist Financing (CTF), the Bank Secrecy Act (BSA) and Know Your Customer (KYC), which necessitate an intelligent, comprehensive AML platform to navigate the requirements efficiently.
With a staggering rise in suspicious transactions for money laundering, financial institutions can leverage AML solutions to mitigate risks by proactively identifying and analyzing unusual transaction activities.
Essential Features of BANKiQ’s Intelligent Anti Money Laundering (IAML) Solution
Customer Risk Scoring
Monitor your customers with ease. BANKiQ’s IAML enables customer risk evaluation based on transaction behavior and profiles to prioritize detection and compliance efforts effectively.
Name Screening
Say goodbye to compliance risks. With BANKiQ’s IAML, cross reference customers against watchlists, sanction lists, and other red flags, ensuring you avoid high risk entities.
Real-time Transaction Monitoring/ Alerts
Stay vigilant and proactive with our anti money laundering software solutions’ transaction monitoring capabilities. BANKiQ’s IAML empowers you to continuously scan for suspicious transaction patterns, instantly alerting potential money laundering activities to timely interventions.
Case Management
A single platform to organize and manage investigations into suspicious activities, BANKiQ’s IAML facilitates efficient resolutions and reporting features.
AML FIU – STR Reporting
By simplifying compliance and regulatory reporting, IAML automates the preparation and submission of STRs to FIUS, ensuring strict adherence to regulatory requirements.
Why Choose BANKiQ?
As your risk guardians in fighting financial crimes, BANKiQ offers an advanced, intelligent Anti-Money Laundering (IAML) solution for digital payments designed to safeguard your operations against the complexities of modern day money laundering. By leveraging advanced technology to enable fully autonomous cognitive applications to support anti money laundering endeavors, BANKiQ is heralding innovation through a robust, scalable, and adaptable AML solution that is ready to combat the ever-changing tactics of financial crimes. Empower your financial services with BANKiQ’s IAML solution to prevent ilicit activities, adhere to regulatory compliance, and improve your AML operations.
Businesses We Serve
- Issuers, Acquirers, and Fintechs
- Payment Aggregators, Payment Gateway Providers, and Merchant Fintechs
BANKiQ’s Approach to AML
In the initial step, customers apply for KYC. BANKiQ’s IAML solution initiates customer onboarding by verifying customer identity and assessing the potential risks of ilegal intentions.
BANKiQ’s IAML constantly monitors transactions to detect and flag suspicious activity that could indicate money laundering. Powered by AI-ML capabilities, it analyzes patterns, flags risky transactions and monitors of consistency in customer profiles.
After KYC setup, IAML runs the customers through a due diligence process to identify high-risk customers; this step delves into deeper investigation into transaction histories and financial activities to accurately profile the customer.
If there is suspicious activity detected, IAML software alerts the financial institutions for further inquiry. The solution also facilitates comprehensive reporting tailored for regulatory compliance.
Once the screening is satisfactory, the financial institution can formalize the customer relationship, enabling them to conduct transactions.
From Detection to Prevention: BANKiQ’s comprehensive approach
In the initial step, customers apply for KYC. BANKiQ’s IAML solution initiates customer onboarding by verifying customer identity and assessing the potential risks of ilegal intentions.
After KYC setup, IAML runs the customers through a due diligence process to identify high-risk customers; this step delves into deeper investigation into transaction histories and financial activities to accurately profile the customer.
Once the screening is satisfactory, the financial institution can formalize the customer relationship, enabling them to conduct transactions.
BANKiQ’s IAML constantly monitors transactions to detect and flag suspicious activity that could indicate money laundering. Powered by AI-ML capabilities, it analyzes patterns, flags risky transactions and monitors of consistency in customer profiles.
If there is suspicious activity detected, IAML software alerts the financial institutions for further inquiry. The solution also facilitates comprehensive reporting tailored for regulatory compliance.
Securing Transactions and Ensuring Compliance: BANKIQ’s Robust AML Solution
IAML Intelligent AML
Deployment of BANKiQ’s IAML Solution
On-premise: Tailored security and control within your IT environment, ensuring data stays within your infrastructure.
Cloud Hosting: Scalable and flexible solution with reduced IT overhead, offering accessibility from anywhere, anytime.
Leading The Way In AML Initiatives: The Benefits of BANKiQ’s IAML
Pre-Defined Regulatory Compliance Rules
Flexible Deployment capabilities
Advanced Cognitive and Analytical Capabilities
Data-Agnostic
Integration
Seamless External Data Extraction
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.
FAQ's
BANKiQ’s IAML significantly aids banks in compliance by automating identification, reporting and management of suspicious transactions. Leveraging its advanced intelligence and automation capabilities, it streamlines compliance processes and ensures accurate compliance with regulatory requirements such as the Bank Secrecy Act (BSA), Know Your Customer (KYC), and counter-terrorist financing (CTF).
An effective anti money laundering software for banks aids in detecting and preventing money laundering activities by employing advanced algorithms and ML techniques to monitor and analyze customer transaction data in real time. It flags patterns and anomalies indicative of suspicious behavior, such as rapid movement of funds, unusually large transactions, etc., which are indicative of laundering activity. Through risk assessment and screening against watchlists, IAML generates alerts for further investigation, thus equipping financial institutions with tools for a proactive risk mitigation strategy that prevents money laundering activities.
Banks, Payment Aggregators, and Payment Service Providers should regularly update their AML software, ideally every 3 to 6 months. With BANKiQ’s IAML, the solution learns through supervised learning and self calibrates the results, ensuring ongoing adaptability to emerging threats and regulatory changes.