The AML Software or anti-money laundering software represents the programs used by financial institutions to analyze data about their clients and detect eventual frauds.
The AML Module developed by our team is a modular software solution for the financial and banking sector, which integrates and optimizes the processes, the flows, and the operational and financial activities carried out by banking and non-banking institutions.
The solution quickly collects the information due to the optimization of the whole process of computing the risk level associated to an account holder, by covering all the steps from gathering the information, classifying them, reporting the information to blocking or keeping them in warning lists. The application has a modular structure which allows us to implement custom requirements from the client, and also decreases the cost and the development time.
It is a feasible solution based on modern technologies which allow a high degree of disponibility according to the requirements of the financial and banking sector.
The system identifies the money laundering typology to increase its ability to detect and prevent unpleasant events. In addition, it also provides complete tools for managing money laundering, litigation and enforcement issues.
It provides facilities to export the collected data about transactions and / or account holders. This data is transmitted by financial institutions daily / weekly / monthly to the government authorities in required formats and is capable of extracting .xml, .dbf, and .xlsx reporting files specifications.
The functions of the AML Module
- Information gathering function;
- The function of analyzing the received information;
- Information function;
- Update function for criteria analysis;
- Parameters of the application;
- The function of collecting, creating and sending information in special forms to the authorized parties according to the legislation;
The system provides:
- information mechanisms for front-office users responsible for executing transaction / operation identified as possible risk;
- information mechanisms for back-office users responsible for analyzing the identified case as potential risk;
- mechanisms for pending-account holders until the analysis of the case identified as possible risk is completed.
List Management in the AML module
“Black List” – which will contain the following lists:
a) UN list
b) OFAC list
c) the EU list
d) National list (RM)
e) list of High Risk Countries and others.
“Gray List” – which will contain the following lists:
a) List of Persons Politically exposed
b) list of Judicial Executives
c) list of Affiliates
d) the Bank’s list (classified by the Bank as unacceptable customers) and others.
“White List” – will contain people (exceptions) to which Black List and Gray List restrictions do not apply.