Key Challenges & Pain Points
Conventional on-boarding process and transaction monitoring are longer enough to be effective and adjust to continually evolving criminal behavior & digital transformation
Increase in transaction volume and value, increased regulatory expectations & framework, abundance of data, human limitations, has increased cost of financial crime compliance
High level of false positives reduces the value of alerts and reliance on used technology
Quality of reporting needs to financial intelligence units needs to be effective, complete and more refined and not to merely safeguard the organisation
Leveraging the right technology and data analytics tools can help to meet these challenges a big way. Robust first and second lines of defense can spot ‘anomalies’ required for due diligence/monitoring/investigation
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Customer Onboarding (KYC)
-Digital, Physical or Hybrid
- Increasing data points for KYC ( document verification, watchlist screening, digital analytics)
- Use techniques and data for behavioural biometrics
- Use of Image analytics for information/document verification, facial recognition & identification
- Video liveness detection
- Detecting of tampered documents and counterfeits
- Use of device intelligence, email intelligence & social media analysis
- Use of Network analysis for UBO identification
- Clustering techniques by multiple parameters for linking accounts ( related parties/ group companies etc)
Risk profiling and scoring
- Risk based approach for classification and assessment
- Automated risk scoring and analysis, and customer prioritization
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Transaction Monitoring
- Building early warning signals
- Monitor customer account in real time and perpetual KYC
- Advances rules creation
- Calibrating & implementing more monitoring scenarios
- Identify suspicious trends & data
- AML monitoring & Case management
- Predictive behavior analytics to enhance real-time transaction monitoring
- Alert Optimization through AI models using refined parameters
- Automatically seek, analyze and implement regulatory changes and revisions
Reporting suspicious/ exceptional transactions and regulatory compliance
- Generating periodic reports at predefined frequencies/ events for internal or regulatory reporting
- Facilitate Audit trials
- Enhanced actionable points
- STR/ SAR filing
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