• AC customer-centric & transactional approach
• Risk categories management and definition
• Reports generated on demand
• Flow definition and rule-based monitoring
• Connection with watch lists and ability to set new ones

Get the full picture of your customers and their transactions when required

There are four basic types of software addressing AML business requirements:

• Transaction monitoring systems, which focus on identification of suspicious patterns of transactions which may result in the filing of suspicious activity reports (SARs) or Suspicious Transaction Reports (STRs), also known as STR (suspicious transaction report). Identification of suspicious (as opposed to normal) transactions is part of the KYC requirements.
• Currency transaction reporting (CTR) systems, which deal with large cash transaction reporting requirements.
• Customer identity management systems which check various negative lists (such as OFAC) and represent an initial and ongoing part of Know your customer (KYC) requirements. Electronic verification can also check against other databases to provide positive confirmation of ID such as (in the UK: electoral roll; the "share" database used by banks and credit agencies; telephone lists; electricity supplier lists; post office delivery database.
• Compliance software to help firms comply with AML regulatory requirements; retain the necessary evidence of compliance; and deliver and record appropriate training of relevant staff. In addition. In addition, compliance activities always ''leave'' audit trails, pertaining to the handling of alerts raised against customer activity.

Transaction monitoring software

These software applications effectively monitor bank customer transactions on a daily basis and, using customer historical information and account profile, provide a "whole picture" to the bank management. Transaction monitoring can include cash deposits and withdrawals, wire transfers and ACH activity. In the bank circles, these applications are known as "AML software".

Each vendor's software works somewhat differently.

Some of the modules which should be present in an AML software are:

• Know Your Customer
• Transaction Monitoring
• Compliance Reporting
• Alert based case management
• Investigation Tools
• Document management to hold the customer related documentation such as account opening package, customer identification documents, etc...
• Customer due diligence checks, including electronic verification
• Automated Standard operating procedures e.g. workflow engine/
• Dissemination of AML policies and procedures

Customer Identity Management Systems

The definition for Customer Identity Management Systems varies in different regions and jurisdictions. Most vendors include the following features in their solutions:

• Sanction List Check
• Politically Exposed Person (PEP) Check
• Fraud Detection System
• False Positive Recording
• Single Scan and Batch Scanning
• Auditing and Reporting