Custom Solutions, Endless Possibilities for Startups and Enterprises
Automated solution for central financial transactions monitoring & controlling facilities along with Business Rules Engine, Alerts Mechanisms and MIS reporting based System seamlessly integrated with the Core Banking System for AML & fraud monitoring capabilities
The combination of real time / near real-time / batch monitoring capability of the solution improves frequency, volume and also transaction complexity in all branches and offices (Head office, Branch office)
Reduced risk of “monitoring failure” on suspicious customer’s profile and transaction profile through automated surveillance of the solution
Automated reporting capability of the solution removes the risk of “reporting failure” on reporting suspicious transactions. Detailed audit trail capability of the solution maintains all case related information’s
Matured processes reduce implementation hassles and quick deployment cycle.
AML analysis with AMLSYS centers on the data that is ingested from the Source System of the Bank.
AMLSYS captures all data required – reference and transaction details – from the Bank’s source systems and subjects it to different money laundering analysis.
For the purpose of data ingestion, AMLSYS has a proprietary data transfer tool called the Extract-Transform-Load (ETL), which has all the requisite readers to read and import the data from various source systems.
Supports all industry standard formats for data ingestion into the system, which includes Database, CSV and Flat Files.
Import of external data from Caution lists or Watch lists, etc. can be uploaded into the system through the Upload facility in AMLSYS. After the initial upload of all existing customer information, import of new customer information or updates to existing information is automated and on an incremental basis.
Data Validation is activated at import. This functionality will check whether data in a particular field is as per its defined structure or not, the result of which is an exception report indicating the invalid fields. The valid structure of the data needs to be provided by the Bank.
Customer On-Boarding : Pre-account opening checks using CRM tools
Integration with core banking solution
Criteria based KYC Search capability
Unified view of customer, accounts & transactions
Validation of missing KYC data elements & Providing facilities to enter the missing data.
Customer risk assessment and Risk profile view
KYC change audit trail
Alert & Case History
Real time/ near real time/non real time monitoring
Identification of suspicious financial transactions
Integration with third party system
Pre-defined regulatory suspicious scenarios
Comprehensive monitoring against product, instrument, channel & customers
Transaction risk assessment
In-depth analysis of transactions
History of suspicious transactions
Marking suspicious transactions
Red flag scenario library
Scenario Creation / Modification capability
Segregation of alerts (Scenario/ Customer)
Automated generation of suspicious alerts
In-built Workflow
Analytics Approach
Case related documents attachments
Case Re-assignment
Escalating to Groups
Multi-Level drill down for ease of investigation
Geography wise assessment
Country wise assessment
Auto Escalation of Cases
E-mail and sms notification
User-defined hierarchy setup
CBS call a web service of AML for sending customer data into AML system
AML system will check customer details into Watch list/terror list/UNCR list/UAPA List etc.
If customer data persists in list then AML system send response to CBS system that whether customer is genuine or defaulter as per the list.
Any watch list can be upload in AML system as per the Governing Authorities of Country.
UNCR List: Issued by United Nations Security Council resolution to cover various terrorist organizations and individuals like “Al-Qaida”, “Taliban” etc.
UAPA List: List is issued by Unlawful activities Prevention Act 1967 by Govt. of India.
AMLSYS provides a facility where the bank can choose the lists that it wants to screen its customers against. Broadly two kinds of lists are supported – Published lists termed as ‘Caution Lists’.
Caution lists are lists external published by Regulators such as the Central Banks of the Countries, FIUs, Home Ministry, Crime Investigation Agencies and OFAC. These may also include the Politically Exposed Persons (PEP) List. World check, Factiva, UN Sanction list, OFAC lists are examples of prescribed caution lists. These lists would have to be provided in a certain specified structure.
AMLSYS also allows the User to assign an appropriate risk weight to the list for close monitoring of constituent customer accounts.
List Manager is used to scan customers against various Caution lists/ Watch lists and manage consequent matches. Customers can be screened against the identified lists on the basis of various attributes available in the customer information. Customer Scanning is done during data import.
AMLSYS employs a Fuzzy Match algorithm for screening Customer and beneficiary names against Caution lists and Watch lists. The
The “Trusted List” function can be used to avoid getting match-hits for a “spotless” or “trusted” customer or can be used to list customers for whom a reduced monitoring is required
KYC is establish the identity of the client: This means identifying the customer and verifying his identity by using reliable, independent source data or information.
In case of individuals, bank will obtain demographic data to verify the identity of the customer and his photograph.
In case of non-individuals, bank will obtain identification data to:
AMLSYS perform this task at the time of Data Integration only through ETL process and shows the missing KYC data found and provides the option to fill the missing data.
AMLSYS also provides detailed report on missing KYC information of customer.
Developing and executing a sound and efficient scenario tuning methodology and approach
Performing any or all of the following tasks by acting as an independent team:
Performing customer segmentation
Recommending improvements to scenarios/thresholds
Above-/below-line testing – The threshold values are adjusted in a tuning environment and an alert generation cycle is executed such that the alerts can be reviewed by end.
Adjustments to thresholds can be made using statistical analysis of the customers transactions, moving them above or below predetermined multiples of the standard deviation.
Searching Criteria are available From – To Date, Weekly, Monthly, Quarterly, Half-Yearly etc.
Dashboards.
Tabular Chart: With the drilldown facility show all the result category wise and scenario wise. No. of records are Opened, Added, Closed, Escalated and In process.
PIE Chart: Scenario type or Scenario wise show the no. of records.
Bar Chart: Provide the information Scenario type or Scenario wise with no. of record are
Opened, Added, Closed, Escalated and In-process.
Suspicious transaction monitoring systems enable to monitor their customers’ transaction behavior systematically by providing relevant scenarios/rules that analyze the underlying customer transactions and generate automated alerts of activity that may be unusual and indicative of potential money laundering.
These alerts are then reviewed by a team of investigators to determine if the activity truly is unusual according to defined scenario and logic.
When a non-compliant activity is detected, it triggers an alert that is sent to the appropriate stakeholder.
Using configurable workflows, the solution assigns responsibility to investigate the alert and logs all activities to create an accurate and comprehensive audit trail of all actions taken.
All cash transactions integrally connected to each other which have been individually valued below rupees ten lakh where such series of transactions have taken place within a month and the monthly aggregate exceeds an amount of ten lakh rupees.
Scalability
Data Archiving and Purging
Error Handling
Monitor & Report System Performance
Available & Reliable
Support & Maintenance
Training
Documentation
Data Mapping
Online Reporting
Define key stakeholders and participants in the selection process
Define scope, including users, modules, level of customization/centralization and potential solution structure
Deliberate & Agree upon project timelines and key milestones
Conduct kick-off meeting and project overview with key stakeholders
Help establish initial communication planning to the user base to create initial awareness and project support
Begin reviewing existing business and technical documentation (As-is) of the organization’s current environment
Establish an Billing / ERP project governance structure to guide the evaluation process, team, scope, and deliverables
Establish initial Organizational Change Management planning
Establish a PMU office at UPPCL for information sharing and project management
Assess long-term strategic goals and objectives. (Includes a high level overview of where the organization wants to go in the next several years)
Assess ideas and plans for execution that are required in the short and long term
Assess pain points (possible challenges) around the use of technology
Deliberate on software standardization pros and cons
Deliberate on Industry standards & Best Practices adoption & Change Management process & Ownership
Deliberate of IT strategy pros and cons
Outline desired future state business model to include process standardization and shared services (assess organization structural changes).
Risk assessment and mitigation strategies.
