velocity-anti money laundering [aml] solutions suite...
TRANSCRIPT
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Velocity-Anti Money Laundering [AML] Solutions Suite - Key Features
Velocity-AML Solutions Suite helps you comply with
anti-money laundering (AML), Bank Secrecy Act (BSA),
and counter terrorist financing (CTF) regulations. The
solution uses multiple detection methods and
advanced analytics engine for screening, risk rating,
transactions monitoring in very large data volumes
quickly and efficiently. Velocity enables financial
institutions to automatically screen customers for
possible money laundering or terrorist financing
behavior, document the decisions with audit trails and
if applicable creates pre-generated regulatory reports
for filing with the authorities.
High level feature list of the application are:
Sanction List/ Watch List Screening Module-
The system is capable of communicating with UNSCR/OFAC/UK (HMT) lists through web
service to import data from those sites to work offline.
System is capable of screening against any custom lists defines by the regulatory/
institutions.
Available PEPs list for screening.
Integration capabilities with 3rd
part data providers
Built in Workflow for alert management.
Able to perform screening for-
o Before Account Opening/ Customer creation
o Existing Customer Screening
o Swift message Interdiction and screening (Outgoing& Incoming)
o Remittance/Bulk Screening (Foreign/Inland)
o LC Opening
o Bearer Cheque
Velocity-Risk Management Module-
Configurable Risk Model with Out of Box features for Retail and Commercial banks
Efficient new customer on boarding(KYC) and due diligence
Ongoing existing customer risk monitoring and enhanced due diligence
Comprehensive customer risk scoring
Automated workflows and reporting
Incomplete KYC Report
Risk Report
Review High Risk customer detail and Transaction History
Schedule High Risk customer for periodic monitor
Transaction Monitoring& Reporting-
Configurable robust Rule engine
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Custom rule define capability
Efficient data collection and management through ETL Service
Automated CTR, STR generation and validation
Alert management centrally and branch wise
Alert Scoring and categorization
Inbuilt configurable Workflow
Automated CTR, STR e-filing, exporting, and tracks the status Case Management Module-
Workflow capability to manually input cases, assign cases, capture investigation in
Review Memo, obtain second level/manager’s approval, and decision case – all actions are
tracked in action logs with date/time stamps
Workbenches by roles to create, assign, investigate, and approve/decision cases
Ability to perform holistic review of customers with related parties and account
information
Ability to check negative news and public records.
Ability to update many configurable values (e.g. adding LOBs, Case Types etc.) with no IT
involvement
Ability to get reports on key performance metrics, case status and progress, RFI statues, Periodic Reviews due etc.
FATCA Module-
Effective identification, analysis, and reporting for FATCA compliance
Leverages KYC/CIP data and can integrate data from multiple sources
Dynamic alert and case management
FATCA reporting and integration with tax systems
Robust management reporting and dashboards
Features are presented in the system through some workbench for better management:
AML Admin Workbench
User shall be able customize rules
User shall be able to set KYC fields mandatory yes/no by check and uncheck.
Create customer profile dynamically
Configure Sanction list that will follow the bank for searching/screening
Configure PEP list
Configure applicable algorithm
Configure minimum score for matching
Configure Customer Risk level and identification criteria.
Customer Officer Workbench
Incomplete KYC list generation based on
the prior set criteria.
User can on-board new customer
User can perform KYC risk review
User will able to perform new customer
screening
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User will able to file CTR, SAR
User will be able to review customer KYC risk
Automated condition base forward for next level review.
BAMLCO Workbench
Able to view branch wise
screening status and report.
CTR and STR review
SAR filing
Able to screen new and existing
customer
Able to generate incomplete KYC
report
Able to send automated report to
CAMLCO/CCU
Automated condition base
forward for next level review
CAMLCO Workbench
Able to view Incomplete KYC
Report Able to view Screening
status new/existing
Able to investigate Negative
news/ public records
Able to screening new/existing
customer
Able to send automated report to
executive management
CCU Workbench
Able to review transactions of a
customer
SAR and STR filing
CTR and STR review
Customer KYC risk review
Triage alert and file case from an
alert
Report to BFIU
SWIFT Office Workbench
Able to scan view details of SWIFT message
If there are any match in a SWIFT message then he will be able to review the details of
match
Able to view status of every SWIFT message
Automated condition base forward for next level review.
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SWIFT Approver Workbench
Able to view status of every SWIFT message
Able to generate status wise report
Automated condition base forward for next level review.
Remittance Office Workbench
Able to upload remittance file and screen
If there are any match in a transaction then he will be able to review the details of match
Able to view status of every transaction
Automated condition base forward for next level review.
Remittance Approver Workbench
Able to view status of every transaction
Able to generate status wise report
Automated condition base forward for next level review.
Velocity-AML Transaction Monitoring & Reporting Systems
CTR filing
SAR filing
Automated STR generation based on defined rule
Customizable rule engine
Alert generation, review and filing
Automated case generation
Automated reporting to Financial Intelligent Unit (FIU)
Input Cases
There will be an option to create new customer profile
There will be an option to create new case profile User
Will be able to search detail customer information
User will enter detail case information against the existing customer or new customer
System will validate file formats, file types, records in the file, blank fields and etc. of the
uploaded file
While uploading the files system will check the duplication customer
File uploading option (.csv or .xls files) matching the Customer Profile and Case Input data
fields.
Analyst workbench
Able to create/update/upload
case
User will be able to assign
cases to investigator Able to
view key metrics.
Able to view team status
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Able to search case
Able to view case information in different category like CRR1, CRR2 and Other
Investigator workbench
Able to view key metrics.
Able to view team status
Able to search case and customer
information
Able to view case information in different
status like New, Open, Pending RFI,
Pending for Approval etc.
Able to review case and input
investigation data and upload file through
review memo.
Review Cases
Reviewing memo section by section
Merging multiple customers in one
review memo for both existing &
new customers
Account status
Main analysis
WEB API /SOAP to call information from
other data providers (e.g. Acuity) for
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Able to investigate assigned case
considering following area
CIP & Related Party
Negative media
Public records
RFI
Transaction review
Negative Media checks
Retrieve file SAR/STR in specified
regulatory body (e.g. FINCEN in
us/Fintrack in Canada) format
Updating decision in customer and case
profiles
Capturing next review data
Customer Removal Process
Data validation before removing customer
Creating removal case and closing it
Team lead workbench
User will be able to
assign/reassign cases to
investigator
Able to view key metrics.
Able to view team status
Able to view team member
vacation/ workload/ and assigned
cases review status
Able to search case
Able to view case information in different
category like Unassigned, pending review and
all cases.
Finally make decision case status as High
risk/low risk/other
Able to close case
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User Administration
User login
Use password change, reset,
expire option – follow PCI best
practices User admin
Customer profile
Case review memo configuration
Referral source configuration
Case types configuration Industry type configuration Option to customize roles and
workflow
Option to customize re-assignment
rules. Re-assign cases to managers
or peers etc.
Option to customize the auto-
assign cases based on investigator
capacity and other business rules
(such as case types, risk based,
priority etc.)
Products configuration
Line of business configuration
Company type configuration
RFI status code configuration
Customer Profile data fields configuration
Case Profile data field configuration
User role configuration
GUI hyperlinks Configuration Review
Memo Section Configuration
Mandatory fields / section Configuration
Configuration for customer types of cases
that require second level approval
Configuration for when a case workflow is
closed vs. kept open or pending status
Report Requirements
Able to generate graphical report
Able to export report data in
Graphical representation in report like
Dashboard, Aging status, Trends etc.
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xls/csv file Able to import data from xl/csv file Customized dynamic report layout
generation based on user
requirements by choosing
reporting data fields Graphical presentation in reports
like pie chart, bar chart and etc.
Able to save report as template for further
use
Able to generate report dynamically by
selecting/deselecting columns.
Integration Workflow with CBS (Web Service)
CBS AML
Customer Creation Screening
Ph
ase
Ph
ase
Start
Customer Entry
Call AML ServiceCustomer Screening
Process
Result/Status Clear Alert
Full cycle of AML
End
Save
Prevent Authorization of
Blocked customer and Authorize
Released customer
Screen CustomerAML Service
CBS Service Released/Block
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Some Screen Shot of Velocity-AML Solutions Suite
Fig: AML Admin Workbench
Fig: AML Admin Workbench
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Fig: Customer Officer Workbench
Fig: On demand Screening Result
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Fig: Manual File uploading
Fig: BAMLCO WorkBench
Fig: CAMLCO WorkBench
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Fig: TMRS Admin Workbench
Fig: TMRS Admin Module
Fig: TMRS BAMLCO Workbench
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Fig: TMRS Customer Officer/Tailer Module
Fig: TMRS CCU Workbench
Fig: TMRS CCU Module
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Fig: Remittance Officer Workbench
Fig: Swift Officer Workbench
Fig: Customizable Report
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Minimum Software, Hardware & Environmental requirement
Software requirement
Operating System : Windows
Web Application Server : Microsoft Internet Information Service (IIS) 7 or above
Database : MS SQL Server 2008 R2 or above
Browser : Mozilla/Internet explorer/Chrome/Microsoft Edge
Hardware Requirement
Database Server
Brand IBM/Dell/Any other
Processor
Intel® Xeon® Processor E5-4600 Series 10 or12 Core or equivalent
RAM 16/32 GB ECC DDR3 [Base on data volume]
RAID Controller Supports for RAID 10/5
HDD 4 x 500 GB SAS HDD or equivalent
Ethernet Port Broadcom NetXtreme 1 Quad Port Gb EAdapter
Power Supply Unit Dual Power Supply
Application Server
Brand IBM/Dell/Any other
Processor
Intel® Xeon® Processor E5-4600 Series 10 or 12 Core or equivalent
RAM 16 GB ECC DDR3
RAID Controller Supports for RAID 10/5
HDD 4 x 500 GB SAS HDD
Ethernet Port Broadcom NetXtreme 1 Quad Port Gb E Adapter
Power Supply Unit Dual Power Supply
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List of AML Clients
Velocity-AML Solutions Suite: List of Leading Clients
Agrani Bank Limited
Mercantile Bank Limited
Social Islami Bank Ltd. (SIBL)
Meghna Bank Limited
Jamuna Bank Limited
United Commercial Bank Limited
Rupali Bank Limited
Royal Bank of Canada
TDBank Group
Santander Bank
Landesbank Baden-Württemberg (LBBW)
As on February, 2017