The Money Laundering Detection System (MLDS) is a software module of the Compliance Suite for the detection and prevention of money laundering. MLDS uses our business rules technology ACTICO Rules. Using MLDS, financial institutions comply with anti-money laundering regulations and are able to automate the following processes:
Matching of customer data with sanctions lists and PEP lists
Monitoring of financial transactions
Integration of (inter)national and company-specific anti-money laundering requirements
In the Know Your Customer (KYC) profile, all relevant customer facts can be recorded: information on the person, sources of assets, actions concerning the relationship or the profile history. Thus, you comply with Customer Due Diligence (CDD).
Data in the KYC profile and other customer or payment data is used by a risk classification model to determine compliance risk for clients. The model is graphically modeled with ACTICO Rules.
The patterns for risk classification and monitoring are rules that can be adjusted. Individual risk classifications and limits for monitoring can be defined for clients with justified exceptional behaviour. Defining an exception happens via a monitored workflow.
Detected abnormalities are examined in clarifications for evidence of money laundering. Depending on recognizable risk, detailed checklists, short clarifications or notes are available.
Clarifications are carried out and approved in workflows and if signs of money laundering solidify, an escalation will take place. All workflows are monitored so that they are processed promptly and executed according to their relation to the risk.
The Compliance Journal documents reported abnormalities and clarifications for each business relationship. Thus, you can demonstrate your commitment to prevent money laundering.
Numerous evaluations of payments, customers and countries allow ad-hoc research beyond automatic tests.
Transaction Monitoring checks payments and customer behavior abnormalities, with abnormal patterns modeled as rules.
MLDS complies with regulatory requirements related to anti-money laundering, such as the Money Laundering Act AMLA.
All rules for risk classification or transaction monitoring are modeled graphically and can be reviewed visually by a compliance officer.
All investigations and procedures are documented audit-proof. Thus, all measures taken can be demonstrated at all times.
Risk classification and transaction monitoring can be automated and done without manual intervention. Remaining manual processes like clarifications focus on crucial cases.
Investigation workflows are supported with comprehensive explanations for the investigation reasons and with a clear representation of the facts. Thus, you accelerate your investigation workflows.
The Money Laundering Detection System seamlessly integrates with other modules of our Compliance Suite. This enables a fast expansion of your application scenarios.