The AML module built by our team is a modular software solution for the banking and financial sector that integrates and streamlines the operational and financial processes, flows and activities of banks and non-banking financial institutions. It captures and retrieves information quickly by digitising the entire path of an alert about the risk associated with an account holder: gathering information, classification, reporting, blocking or keeping the holder on watch lists.
CoopID AML identifies and records money-laundering case patterns to improve its ability to detect and prevent similar events. It is a reliable system built on modern technology, with the high availability the banking sector requires. It exports the transaction- and account-holder-level data that financial institutions send daily, weekly or monthly to state authorities in the required formats – .xml, .dbf and .xlsx files, as specified.
What the module does
- Information collection – about clients, their representatives and ultimate beneficial owners, their accounts and their transactions. Two loading modes are available:
- loading a client’s information and screening them at onboarding;
- loading information for one or more clients, accounts or transactions as files.
- Analysis – processing against the configured criteria and classifying clients and transactions. Processing runs periodically, as configured, to re-screen clients, or daily for new clients and the day’s transactions.
- Alerts – high-risk clients or transactions raise alerts that users confirm or reject, then close.
- Criteria updates – updating the lists configured in the system.
- Configuration – adding new screening criteria.
- Monitoring – reports on one or more clients and the links between them:
- transactions;
- monitored clients (medium and high risk);
- alert history for a given client.
Notification mechanisms
- for front-office users executing the transaction or operation flagged as a possible risk;
- for back-office users analysing the case;
- for account holders on hold until the analysis is complete.
List management
Sanctions lists
- UN list
- OFAC list
- EU list
- National list
- High-risk countries list
- other lists as needed
Other lists
- Politically exposed persons
- Affiliated persons
- Internal list (clients classified as unacceptable)
- other lists as needed
White list
Persons (exceptions) who have been analysed and accepted and are not subject to monitoring.