Fraud Prevention Management

Anti Money Laundering

Today, all financial institutions globally are required to monitor, investigate and report transactions of a suspicious nature to the financial intelligence unit in the respective countries. A bank must perform due diligence by verifying a customer's identity and monitor transactions for suspicious activity.

We at SPAN adopt strategic approach to Anti-Money Laundering (AML), that helps financial services firms to select, test and implement an effective AML monitoring system, using state of the art technology that make firms to Stay On Top Of New Anti-Money Laundering Regulations & solutions.

SPAN maintains the International Money Laundering Information Network for its clients, a website/application that provides information and software for anti-money laundering data collection and analysis. The purpose of this application is to facilitate institutions to develop and promote an international response to combat money laundering.

The AML software encompasses:
  • Currency Transaction Reporting (CTR) systems, which deal with large cash transaction reporting Customer Identity Management Systems which check various negative lists such as OFAC (Office of Foreign Assets Control) and represent an initial and ongoing part of Know Your Customer (KYC) requirement
  • Transaction monitoring systems, which focus on identification of suspicious patterns of transactions which may result in the filing of Suspicious Activity Reports (SARs). Identification of suspicious (as opposed to normal) transactions is part of the KYC requirements.
  • Providing information on money laundering and suspicious activities to help the regulatory authorities

These software applications effectively monitor bank customer transactions on a daily basis and, using customer historical information and account profile, provide a "whole picture" to the Bank Management.

Overview

  • Technology advances, regulatory changes and demographic shifts are reshaping the financial services landscape significantly. Financial institutions have begun to focus
    on Business Process improvement and IT capabilities. People, Applications and Infra-structure are playing a key role in aligning operational strategies of the business.

Sub-domain Focus