AML Software for Banks and Insurers
Comply with anti-money laundering laws, screen high-risk individuals, PEPS and transactions and detect money laundering.
Anti-money Laundering (AML) describes processes that need to be in place to comply with regulatory obligations. AML is intended to ensure that money laundering is identified and prevented. AML refers to all efforts involved in preventing money laundering, such as stopping criminals from becoming customers and monitoring transactions for suspicious activity. KYC falls under the larger umbrella term of AML. It refers to customer identification and screening.
An AML software helps companies largely automate their anti-money laundering measures and the rules within the software typically determine whether a money laundering risk exists. Artificial intelligence (AI) methods are increasingly coming into play. Machine learning plays to its strengths, particularly in the areas of AML, KYC, and transaction monitoring. The technology uses data from money laundering cases previously resolved to identify future cases more accurately and avoid false positives.
"The ACTICO Compliance Suite gives us the benefit of numerous business rules that come as standard with the Compliance Suite, and the system is extremely flexible."
Matthias Schmedt auf der Günne
Director and Head of Compliance, apoBank (Germany)
The ACTICO Compliance Suite is a software solution comprising several modules. The AML KYC module monitors the data of persons, business relationships and payments automatically and reports conspicuous processes.
Anti-money laundering officers can only perform their duties with the fine accuracy required when their AML software is on point. This is a crucial must for anti-money laundering teams.
Financial sector companies must comply with AML requirements. However, their requirements differ depending on the bank type, size, internationality and industry.