the role of data analytics and technology in aml compliance

THE ROLE OF DATA ANALYTICS AND TECHNOLOGY IN AML COMPLIANCE

AML SOLUTION

OVERVIEW

• The role of technology in AML compliance• Critical capabilities• Getting the big picture

THE ROLE OF TECHNOLOGY

Automation Alerts Due Diligence Compliance

CRITICAL CAPABILITIES

To automate their process, companies need:• Data management

• Risk identification and scoring

• Transaction monitoring

• Sanctions screening

• KYC/CDD

• Case management

• Workflow management

• Embedded domain knowledge

• The big picture

DATA MANAGEMENT

• Accessing data

• Data across jurisdictions

• Privacy and confidentiality

RISK IDENTIFICATION AND SCORING

• Dynamic methods

• Third-party sources

• Impact of relationships

TRANSACTION MONITORING

• Keeping it sane

• Correlations across alerts

• Data dimensions for analytics

• Using historic data

STRUCTURING

• Multiple transactions by a customer across locations to evade CTR filings• Individually below threshold but cumulatively above

SMURFING

• Multiple transactions by multiple customers across locations to evade CTR filings• Individually below threshold but cumulatively above• May be to the same recipient

FLIPPING AND MULES

• Receives a transaction and quickly resends or vice versa

• May keep a small portion (‘fee’)

NETWORKS

• Layering evidenced by a collection of smurfing, flipping, mules, etc.

• Correlation between senders and receivers

ELDER ABUSE

• Treat transfers from elderly customers as higher risk• Correlate to high-risk payout locations/recipients• HQ Compliance should detect any structuring

NGO/CHARITY/RELIGIOUS

• Keywords to detect• Tax evasion and money laundering• Higher risk transactions

SANCTIONS SCREENING

• Research data sources• Onboarding, Periodic and Real Time• Managing false positives• Adaptive case learning

KNOW YOUR CUSTOMER (KYC) & CUSTOMER DUE DILIGENCE (CDD)• Onboarding• Managing legacy customers• Input from transaction monitoring and sanctions screening• Profiling

HURDLES

• Getting the data right

• Role of data quality management

• Single view of the customer

• Real time

EMBEDDED DOMAIN KNOWLEDGE

Banking InsuranceIndustry specific

$Casinos Law FirmsMSB

CASE MANAGEMENT, WORKFLOWS

• Alerts• Collaboration• Oversight• Remediation• Capturing KPIs

GETTING THE BIG PICTURE

• A “Culture of Compliance”

• Dashboards and insights

• Getting ahead of the control breakdowns

ABOUT CASEWARE AML SOLUTION

CaseWare AML Solution is a single platform solution with • Know Your Customer (KYC)• Transaction monitoring,• Sanctions list screening • Regulatory reporting

FEATURE-RICH AND EASY-TO-USE

QUICKLY FIND SUSPICIOUS TRANSACTIONS

PERIODIC SCREENING FOR HIGH-RISK CUSTOMERS

AUTOMATIC REGULATORY REPORTS

ANALYTICS MAKES COMPLIANCE EASIER

MUCH TO GAIN FROM ONE PLATFORM

Single Platform to help easily oversee all of your compliance requirements.Complete Picture of all your AML risks and dataOptimal process to help engage all stakeholders in compliance efforts.

IT’S TIME TO TAKE CONTROL OF YOUR AML COMPLIANCE PROGRAM

www.casewareanalytics.com aml@caseware.com

THE ROLE OF DATA ANALYTICS AND TECHNOLOGY IN AML COMPLIANCE

AML SOLUTION

Visit casewareanalytics.com Email connect@caseware.com