What Is The Role of Technology In Anti-Money Laundering Compliance
How Does Technology Ease AML And KYC Processes?
Anti-money laundering or AML includes regulations and laws that are aimed to prevent any sort of financial crimes or manipulation. Every country has a differentiated and clearly established set of AML regulations or rules.
All business enterprises that are prone to money laundering activities should have anti-money laundering compliance strategies. If they do not have AML compliance strategies well defined, they might invite some penalties from the regulators.
How Artificial Intelligence, Big Data, and Machine Learning Can Help You counter Money-Laundering Risks?
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Solutions That Ensure Anti-money Laundering And Know Your Customer Compliance
2- Anti-Money Laundering Name Screening
3- Anti-Money Laundering Transaction Screening
With the help of AML transactional screening software, banks or DNFBPs can check the details of the sender as well as receiver without delay. Enterprises can exponentially reduce the risk of financial crime by tracking the sender and receiver of the transactions with the help of this software.
4- Adverse Media Screening
Financial institutions can comply with AML processes by performing advanced media screening in addition to PEP scans during the process of customer onboarding.
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FAQs - Role of Technology In Anti-Money Laundering Compliance
Here are a few frequently asked questions related to the compliance and the effective implementation of KYC processes.
AML technology is a program to help you detect suspicious transactions, store and analyse customer data, and assess customer risks. It facilitates transaction screening, checks suspicious customers against PEPs or Sanction lists, and monitors transactions based on artificial intelligence.
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About the Author
CISA, FCA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a multi-disciplinary professional with more than 22 years of experience in compliance, risk management, accounting, system audits, IT consultancy, and digital marketing. He has extensive knowledge of Anti-Money Laundering rules and regulations, and he helps companies comply with legal requirements. Pathik also helps companies generate value from their IT investments.