Transaction Screening
Check payments to prevent money laundering and terrorist financing.
ACTICO COMPLIANCE SUITE MODULE
Name Matching Transaction
The ACTICO NMT module checks incoming and outgoing payments before they are posted. This involves checking payments against sanctions lists. Unusual transactions are reviewed or stopped in time. The NMT module helps you to comply with sanctions and embargoes, avoid penalties and prevent damage to your reputation.
Key Features
Identify risky payments and make traceable decisions on their execution
Ex-Ante Screening
Payment data is matched against sanctions lists before executing. Unobjectionable transactions are approved automatically. Suspicious payments are placed on hold and either stopped or approved after clarification.
Fuzzy Matching, Few Clarifications
Typos, scanning errors and alternative spellings may lead to deviations in names and terms. Despite this, fuzzy matching makes it possible to match against entries on sanctions lists. Machine Learning provides an algorithm that results in very few clarifications.
Fast Clarifications
The clear visual comparison makes it easy to spot and clarify abnormal transactions via an intuitive dialogue box. Workflows are also stored so that risky transactions can be efficiently processed via multi-party review.
White Listing / Exceptions
It is possible to define exceptions so that no hit is generated. This prevents unnecessary hits relating to regular payments.
External Blacklists
The application supports checks against all common sanctions lists, such as the EU list, OFAC list, Refinitiv (World Check), Dow Jones, LexisNexis and Info4c.
Internal Blacklists
Internal lists can be compiled by bank, keyword, country or in-house blacklist and included in the checks as required. They are included in the automatic screening.
Screening History
Checked transactions are documented in the screening history. Any exceptions that come up during screening are also documented in a history.
Regulatory Requirements
The NMT module supports the implementation of regulations to combat money laundering and financial crime through embargoes and sanctions. In the EU, for example, EU regulations 2580/2001, 881/2002, 83/2011 and additional Commission implementing regulations apply. In Switzerland, the Embargo Act and related ordinances apply. Other regulations and the recommendations of the FATF apply worldwide.
Benefits
Lower Costs, Reduced Risk
Powerful Standard
With the ACTICO NMT module, you have all the benefits of industry-proven standard software. The latest external sanctions lists can be imported via configurable standard interfaces. Configurable standard algorithms check the payments against the sanctions lists.
Flexible and Adjustable
The NMT module can be adapted to suit your specific requirements. You can generate additional monitoring via the internal blacklists and use configurations and ACTICO Machine Learning to optimize the screening.
Total Compliance
The NMT module helps financial institutions to comply with legal and regulatory requirements related to payments, including EU and Swiss regulations and FATF global standards.
The ACTICO Approach
Make transaction screening more efficient through machine learning.
Machine Learning
ACTICO Machine Learning optimizes the fuzzy matching of transaction screening. It detects more true positives and flags up very few false positives.
Configuration
The NMT module has a fine-grained configuration for generating hits, which allows checks to be precisely adjusted to meet different requirements. This reduces the workload and allows a risk-based approach. Additional checks can be modelled with ACTICO Rules.
Compliance Suite
The NMT module is part of the ACTICO Compliance Suite, powerful software for Compliance & Financial Crime Management.
"ACTICO Compliance Suite is used to monitor transactions. KfW examines incoming and outgoing payments for embargo violations and identifies patterns that indicate fraud or money laundering."
Dirk Hahn, Senior Regulatory Law/KYC Consultant at KfW
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