the role of data analytics and technology in aml compliance
TRANSCRIPT
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 [email protected]
THE ROLE OF DATA ANALYTICS AND TECHNOLOGY IN AML COMPLIANCE
AML SOLUTION
Visit casewareanalytics.com Email [email protected]