Fraud and Money Laundering Monitoring

Key Challenges

  • Implementation of technology that would detect the acts of fraud, money laundering, bribery and terrorism financing, perpetrators of which by very nature keep themselves a step ahead of laws, regulations and institutional policies designed to entrap them.
  • Detection of these moving targets of suspicious acts against the back-drop of constantly changing economic environment and consequent anti money laundering rules, guidelines, regulations & legislations.
  • Being able to detect such transactions in a complex environment wherein customers interact with different Lines of Businesses of your institution.
  • Being able to ensure that risk based approach is seamlessly followed by your institution, as per the regulatory requirements of all the jurisdictions that your institution needs to comply with.

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KYCsphere Solution

It would be a gross mistake to build a set of automated static rules and periodically fire queries on your transactional applications, to detect fraud, money laundering and other suspicious transactions. In a constantly changing economic environment, laws and regulations, such static rules soon get outdated while newer scenarios of fraud, money laundering, crime and terrorism financing keep emerging. Therefore what is instead needed is a good blend of well defined threshold based static rules (such as recommended by regulators for cash transactions), along with ways of monitoring customers’ behavior dynamically against their expected, historical and peer group behaviors.

Next generation, KYCsphere's Fraud and Money Laundering Monitoring tool follows the aforesaid blended approach. Its engine is architected to detect significant unusual behavior to generate alerts that are further superimposed with risk ratings. Risk rating assigned by Risk and Compliance Management tool allows for prioritization of these alerts in Alert Management tool, so that your compliance team effort can remain focused on the highest risk customers.

This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

See KYCsphere Fraud and Money Laundering Monitoring tool in action.

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Key Benefits

  • Monitoring unusual customer behavior that is not compliant with expected, historical, peer group and as per jurisdiction(s) specific anti money laundering rules, guidelines, regulations & legislations based recommendations.
  • Generating prioritized risk rated alerts, so that your compliance team remains focused on those categorized as "high risk".
  • Behavior based detection engine managed by us ensures that it is constantly updated by newer scenarios and typologies as published by Financial Action Task Force (FATF) and its sister organizations along with changes as sought by regulators.
  • Maintaining history & audit trail of detection engine updates and user actions to be able to withstand regulatory scrutiny.

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