ANTI-MONEY LAUNDERING (AML)
Reduce fraud risks and money laundering with Intelligent Automation.
Intelligent Automation in Anti-Money Laundering (AML)
Anti-Money Laundering checks have assumed renewed importance in recent times following federal mandates in face of an increasing number of illicit activities involving financial transactions. Federal governments across the globe keep on feeding data into the centralized databases as and when such cases are conspicuously identified by banks and other enterprises. All enterprises must validate with such federal AML databases during stakeholder onboarding and execute other high-value transactions involving money transfers through banks.
Datamatics Intelligent Automation Platform enables enterprises and banks to conduct AML activities at a faster pace that takes a minuscule time as compared to manual assessments. It helps enterprises to retrieve data from different sources and generate true positives and false negatives and eliminate the rest. It enables enterprises to validate data with federal databases and meet all mandates in real time. Its AI capability enables enterprises and banks to step up an all-around vigil.
Automation Use Cases in Anti-Money Laundering (AML)
Investigate each account for Anti Money Laundering (AML) investigation related process. Retrieve data from different sources and then perform data massaging to generate a final output file.
Feed details from multiple sites in the AML system using Intelligent Automation. Once the legacy alert is generated in AML system, compare the customer details with the negative details in the list available in the AML system.
Perform AML name screening for true match cases for all new customer acquisitions & account modifications. Upload the data to AML application and check the matches thrown by the application.
Use Intelligent Automation to automate the closure of list ids based on different filter checks.
Perform AML name screening for all new customer acquisitions & account modifications. Upload the data to AML application and check the false matches thrown by the application.
Perform anti-money laundering and fraud detection process for all new customers, check for true and false matches and with respective matches raise the suspicious transaction report (STR) for true match records.
Auto-download the account numbers for which suspicious transaction report (STR) needs to filed on the basis of pre-configured rules. Retrieve the relevant data and generate consolidated output file.
Automate the name scan of new customers through a maker and checker process executed through the AMLOCK system that is used for anti-money laundering and fraud detection. Take the values from the AMLOCK system on the basis of client account number. Verify the output with the automated checker process.
Intelligent Automation is a direct function of People-Process-Technology integration.
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Datamatics used Artificial Intelligence (AI) based proprietary product, TruAI, to arrive at a comprehensive solution for increasing all-around vigil and having a 360° view of entities/suspects in order to direct vigilance activities.
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Datamatics developed and successfully implemented a Fraud Analytics solution using the latest mathematical models to curb financial loss due to fraudulent claims for a leading Global Healthcare Insurance Company.
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