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AML/CFT Technological Solutions

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What technological solutions are necessary for AML/CFT?

The use of technological solutions ensures compliance with legal requirements and the timely identification of risky customers and operations. This allows you to reduce risks, automate processes, and increase the effectiveness of AML/CFT measures.
  1. Customer Verification on Sanctions and Politically Exposed Persons (PEP) Lists: Technology solutions help automate the process of verifying customers during their identification and investigation, particularly for their presence on sanctions or PEP lists. This enables quick identification of potential risks and allows you to instantly determine whether a client or their counterparties are under sanctions or belong to a high-risk category. Such automation helps companies comply with legal requirements and avoid cooperation with dangerous persons.
  2. Continuous Monitoring of Customer Transactions and Verification of Their Counterparties: Modern software solutions allow for continuous monitoring of customer financial transactions and their counterparties in real time. This includes analyzing transactions for anomalous or suspicious activity that may indicate money laundering or other financial crimes. As a result, the company can quickly respond to suspicious transactions, report them to regulators, and ensure constant compliance with financial monitoring requirements.
  3. Automatic Risk Assessment: Technological platforms for AML/CFT risk assessment can automate the evaluation of clients’ risks based on predefined criteria. These platforms consider factors such as the type of customer, their geographic location, transaction history, and interactions with counterparties. Such automation not only speeds up the evaluation process but also ensures accuracy and objectivity, reducing human error and enabling the company to focus on the most risky customers and operations.
  4. Automatic Preparation of Reporting: Technological solutions also automate the process of preparing mandatory reports for regulatory authorities. This includes generating reports on suspicious transactions and other types of reporting in accordance with legal requirements. Automating report preparation guarantees timely submission and reduces the risk of errors in documentation, increasing the company’s efficiency and reducing administrative burdens.

How do we help with technology solutions?

We help our clients implement effective technological solutions for AML/CFT, ensuring compliance with legal requirements and business specifics. Our approach includes the selection, installation, and adaptation of software, as well as testing it with real data.
  1. Selection of software that meets the needs and type of business: We analyze the specifics of each client’s business and its AML/CFT needs to select the most suitable software. This includes evaluating functionality, scalability, and regulatory compliance to ensure the chosen solution effectively meets both short- and long-term needs.
  2. Installation and adaptation of the appropriate technological solution: After selecting the software, we handle its integration into the company’s workflow. This includes installing the system, customizing it to meet individual business requirements, integrating it with existing infrastructure, and adapting features for ease of use, ensuring continuous and effective AML/CFT measures.
  3. Testing the solution on a real client portfolio: We conduct thorough testing of the implemented solution on real client data to evaluate its effectiveness and accuracy under real conditions. This ensures the system’s performance, identifies any shortcomings, and addresses them before full-scale use in day-to-day operations.

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